Iron ore futures hovered around CNY 800 per tonne on Wednesday, holding near two-week highs on expectations of further steel production cuts in China. Reports indicated that mills in northern China have been ordered to curb output to ensure clear skies during a military parade on September 3. Such restrictions could help remove excess steel from the market, improve mill margins, and support demand for iron ore. Market sentiment was also buoyed by the 90-day extension of the US-China trade truce, giving negotiators more time to reach an agreement and helping stabilize trade relations between the world’s two largest economies. However, seasonal demand remained weak as extreme heat and heavy rainfall continued to disrupt downstream construction activity. This slowdown has contributed to a build-up in steel inventories despite recent gains in iron ore prices.
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