Iron ore futures fell below CNY 680 per ton, edging toward a four-year low as rising port inventories, weak steel mill margins, and sluggish demand continued to weigh on prices. Industry data showed that iron ore stockpiles at major Chinese ports climbed nearly 1% in the latest week to 153.72 million tons, while shipments from suppliers outside Australia and Brazil remained elevated. At the same time, profitability among Chinese steelmakers stayed muted at 11.26%, unchanged from the previous week.
Environmental restrictions in several northern Chinese provinces further pressured hot metal output, though production is expected to rebound once those curbs are removed. In the broader market, Brazilian mining giant Vale reported a 20% drop in third-quarter core profit, underscoring the combined impact of weaker iron ore prices and persistently high fuel and freight costs.