Iron ore futures advanced toward CNY 760 per ton, retracing part of the previous week’s losses as Chinese steel mills stepped up production. Steep declines in raw material costs have improved mill margins, enabling higher molten iron output. Analysts also anticipate additional restocking, with iron ore consumption rising while inventories at steel mills remain relatively low.
Industry data showed that stockpiles at major Chinese ports slipped 0.16% week-on-week as of April 10. On the supply side, conditions tightened temporarily after weather-related disruptions in Australia cut import volumes at 47 ports by more than 500,000 tons. Shipments are expected to recover as the delays ease.
At the same time, oil prices climbed sharply after US–Iran peace talks in Islamabad over the weekend failed to yield an agreement. President Donald Trump also announced plans to blockade the Strait of Hormuz and is reportedly weighing renewed strikes on Iran, heightening the risk of a broader escalation in the global energy crisis.
