Iron ore futures climbed to around CNY 787 per tonne on Friday, reaching a two-week high as sentiment strengthened amid steady fundamentals and ongoing scrutiny of China’s 2025-2026 steel industry work plan. Reports indicate Beijing intends to curb steel production this year and next to address persistent overcapacity. In March, the world’s top steelmaker pledged to restructure its vast industry, though details on the scale and pace of output cuts remain unclear. Official data showed China’s crude steel production fell 3.1% in the first seven months of the year to 594.47 million tonnes. Prices also drew support this week after Rio Tinto suspended operations at its massive Simandou project in Guinea following a worker’s death. The long-delayed project had been expected to begin exports in November, though the company has not confirmed whether the suspension will affect the timeline.
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