Iron ore futures rose above CNY 800 per tonne on Monday, hitting their highest level in nearly five months as Beijing ramped up efforts to curb excess steel production and reduce industry overcapacity. These measures have improved profit margins for Chinese steel mills, encouraging higher output and bolstering demand for iron ore. On the supply side, exports from major producers in Brazil and Australia continued to decline, tightening global supply and pushing inventories lower. Adding to the bullish sentiment, China’s industry ministry recently pledged to stabilize growth in key sectors including machinery, autos, and electrical equipment. The broader action plan also targets 10 core industries such as steel, nonferrous metals, petrochemicals, and construction materials, signaling stronger long-term demand for industrial commodities.
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