Iron ore futures rose toward CNY 820 per ton, trading near one-year highs as weather-related disruptions in Australia’s Pilbara region led to the closure of several ports, intensifying supply concerns from the world’s largest exporter. Adding to the supply-side strain, Australian miner Fenix Resources warned that diesel shortages linked to the war involving Iran are beginning to affect operations across the country’s mining sector, prompting the company to scale back certain activities.
Upside momentum was limited, however, after China’s key steelmaking hub of Tangshan activated a level-two emergency response to severe air pollution, fueling worries about potential production cuts and stricter environmental inspections. Earlier this month, during the annual parliamentary sessions in Beijing, authorities reiterated their commitment to curbing excess capacity in the steel industry amid softening demand.
