Iron ore futures eased to around CNY 801 per tonne on Thursday but stayed close to seven-week highs, underpinned by solid fundamentals. In supply news, Australian miner Rio Tinto may be required to build a refinery at its massive Simandou project in Guinea, potentially limiting ore available for export. A fire at a major Brazilian export hub earlier this week also raised concerns, though miner Vale confirmed shipment schedules and volumes remain unaffected. On the demand side, appetite from top consumer China stayed firm, with seaborne imports hitting 25.6 Mt in the latest week, well above the five-year average of 22.1 Mt. Total August imports reached nearly 112.40 Mt, supported by record seasonal shipments from Brazil and the clearing of port backlogs caused by late-July typhoon disruptions. These elevated arrivals are expected to bolster steel production in the post-military parade period.
Manage Consent
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.
The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.