FX.co ★ Iron Ore Pressured by Rising Inventories

Iron ore futures remain below CNY 770 per ton, hovering near their lowest point in over three months, as industry reports indicate increasing inventories at Chinese mills and ports. This accumulation follows a record surge in imports during September and precedes the anticipated launch of Guinea’s expansive Simandou project. Concurrently, Chinese steel manufacturers have curtailed their iron ore purchases due to uncertain demand forecasts and diminishing profit margins. Simultaneously, China concluded its Fourth Plenum, with the Communist Party committing to enhance domestic consumption and manufacturing while pursuing greater technological self-reliance. Investors are also observing trade developments closely, following the White House's confirmation of the upcoming meeting between Trump and Xi, set to occur next Thursday on the fringes of the APEC summit.