Iron ore futures held near CNY 778 per tonne on Wednesday, trading sideways as investors weighed supply risks against demand uncertainties. Earlier this week, prices found support after mining giant Rio Tinto suspended operations at its massive Simandou project in Guinea following the death of a worker. Rio had been expected to begin exports from the long-delayed project in November, though it has not confirmed whether the suspension will affect that timeline. Separately, geologists announced a landmark discovery in Western Australia’s Pilbara region, identifying what is now considered the world’s largest iron ore deposit, with an estimated value of $6 trillion. On the demand side, weakness persisted as growth in China’s manufacturing and infrastructure investment slowed, while demand for construction steel continued to soften.
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