Iron ore futures fell below CNY 780 per ton, touching their lowest level in more than a week after several Chinese steelmakers were authorized to collect and trade cargoes from BHP Group that had been stranded at ports. These stockpiles had built up during a prolonged standoff, which was resolved once China’s state-backed buyer concluded negotiations with the miner.
Last week, BHP announced it had reached a supply agreement with China Mineral Reserves Group, ending months of tensions that had triggered shipment diversions, curbs on its products, and a buildup of inventories at Chinese ports.
Prices also faced downward pressure from demand worries, as China intensifies efforts to rein in excessive competition and tackle industrial overcapacity. At the same time, markets are closely watching developments in the Middle East, where stalled US–Iran talks have effectively kept the Strait of Hormuz closed, restricting access to a key export market for Chinese steel.
