15.04.202606:47:20UTC+00Iron Ore Rises on Stronger Demand

Iron ore futures rose to around CNY 760 per ton, supported by stronger demand as Chinese steel mills ramped up production amid a rebound in downstream consumption. Market sentiment was further boosted by optimism over a potential diplomatic resolution to the Iran conflict, with expectations that a longer-term ceasefire would help revive steel demand in the Middle East. The conflict has disrupted trade flows through the Strait of Hormuz, curbing metals shipments to Gulf countries. The region was China’s second-largest steel export market last year, accounting for about 16% of its record-high exports. At the same time, data showed that Chinese imports of iron ore and concentrates increased 11.5% year-on-year to 104.74 Mt in March, partly reflecting geopolitical realignments as cargoes originally intended for Middle Eastern routes or adjacent corridors were redirected to East Asia.