Iron ore futures fell below CNY 680 per ton, retreating toward a four-year low as rising global shipments and increased arrivals at Chinese ports signaled abundant supply. Industry data showed that worldwide iron ore shipments rose by 3.89 million tons week-on-week to 34.77 million tons in the week ending October 18. Exports from Australia and Brazil together increased by 4.79 million tons, reaching 29.82 million tons.
Over the same period, iron ore arrivals at 47 Chinese ports climbed by 2.73 million tons to 28.35 million tons. The outlook was further weighed down by the World Steel Association’s revised 2026 forecast, which now projects a 0.1% decline in global steel demand, reversing its April estimate of 0.3% growth. Steel consumption remains under pressure from China’s prolonged property downturn and weak construction activity, although exports have provided some support.
