Iron ore futures slipped toward CNY 710 per ton in early September, pulling back from one-month highs amid expectations of robust supply in the second half of the year. Industry data showed that global iron ore shipments rose by 2.73 million tons week-on-week to 35.72 million tons in the period from August 24–30. In contrast, iron ore arrivals at 47 Chinese ports declined by 7.66 million tons to 19.52 million tons over the same period.
Looking ahead, global iron ore production growth is projected to accelerate to an average of 2.2% annually over 2026–2030, up from 1.2% over the previous five years, according to research firm BMI. This would lift annual output to 3.04 billion tons by 2030.
On the demand side, the outlook for industrial metals has weakened as surging oil prices have heightened inflationary risks and strengthened expectations of imminent interest rate hikes. Higher borrowing costs could ultimately slow global economic growth, curbing demand for industrial metals.
