Iron Ore Slides on Weak Steel Mill Profits

Iron ore futures fell toward CNY 670 per ton on Monday, hovering near four-year lows as weakening profitability among Chinese steel mills dampened demand prospects.

Industry data showed that the blast furnace operating rate at 247 Chinese steel mills stood at 80% last week, down 4.3% from the same period a year earlier.

Supply conditions also remain ample, supported by elevated iron ore arrivals at Chinese ports and increasing global shipments.

Meanwhile, China’s state-backed iron ore buyer recently reached a new supply agreement with Rio Tinto, easing concerns over raw material availability.

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