FX.co ★ Iron Ore Resumes Decline

Iron ore futures declined toward CNY 750 per ton, extending their recent slide after reports that state-backed China Mineral Resources Group allowed several steel mills to purchase cargoes from BHP Group, suggesting a possible easing in a months-long commercial dispute. The move followed a visit to China by BHP’s incoming chief executive officer, Brandon Craig, who met with executives from China Baowu Steel Group and CMRG. Data also showed that China’s imports of iron ore and concentrates climbed 11.5% year-on-year to 104.74 million tons in March, partly reflecting geopolitical factors as shipments originally destined for routes through the Middle East or nearby corridors were redirected to East Asian markets. At the same time, supply from Australia recovered after earlier weather-related disruptions linked to Cyclone Narelle.