FX.co ★ Iron Ore Climbs on Falling Global Shipments

Iron ore futures rose to nearly CNY 800 per ton, marking a three-week peak as global shipment reductions heightened supply concerns. Recent industry data indicated a 2.7 million ton decrease in combined exports from leading producers Australia and Brazil compared to the previous week. In an effort to curb long-term stockpiling and promote faster inventory turnover, China proposed a reduction in port fees for state-owned enterprises that hold cargoes for under 30 days, which could potentially restrict spot supply during restocking phases. Market sentiment was also bolstered following a phone call between Chinese President Xi Jinping and US President Donald Trump—their first conversation since a trade agreement was reached last month—which signals a positive shift in Sino-US relations.