11.09.202506:37:47UTC+00Iron Ore Holds Near 7-Week High

Iron ore futures slightly declined to approximately CNY 801 per tonne on Thursday but remain near seven-week highs due to robust market fundamentals. On the supply front, Australian mining company Rio Tinto might face requirements to construct a refinery at its expansive Simandou project in Guinea, which could potentially restrict the amount of ore available for export. Additionally, earlier this week, a fire at a key Brazilian export hub sparked concerns; however, Vale, the mining company, assured that shipment schedules and volumes would not be affected. In terms of demand, strong interest from China, the world's largest consumer, persisted, with seaborne imports reaching 25.6 million tonnes in the past week, notably higher than the five-year average of 22.1 million tonnes. For August, total imports amounted to nearly 112.40 million tonnes, driven by record seasonal shipments from Brazil and the resolution of port backlogs due to typhoon disruptions in late July. These increased arrivals are anticipated to support elevated steel production following the military parade period.