Iron ore futures climbed to around CNY 735.5 per tonne on Wednesday, building on the previous session’s gains amid tightening supply and resilient demand indicators. Shipments from major exporters Australia and Brazil to China continued to decline, reinforcing concerns about constrained global supply. On the demand side, hot metal output—a key proxy for iron ore consumption—remained elevated, while steel demand from China’s manufacturing sector showed continued strength. However, the broader economic outlook remains uncertain. Mixed data from China showed consumer prices rose 0.1% year-on-year in June, marking the first positive reading in five months. At the same time, producer prices fell 3.6%, the steepest drop since July 2023, reflecting intensified price competition and weak domestic demand.
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