Iron ore futures held above CNY 798 per tonne on Wednesday, hovering near a one-week high amid signs of resilient demand. Solid profitability in China’s steel sector is encouraging mills to ramp up production, bolstering demand for iron ore. The strength in prices also comes as Beijing steps up efforts to curb excess steel production capacity. However, analysts caution that while the policy focus on overcapacity remains, China is unlikely to pursue supply-side reforms on the scale of 2016–2018, given ongoing labor market weakness. Meanwhile, investors monitored progress in US-China trade talks after President Donald Trump said a deal to extend the current trade truce was “very close.” He also expects to meet Chinese President Xi Jinping once negotiations conclude, likely before the end of the year.
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