Iron ore futures climbed above CNY 774 per tonne on Thursday, advancing for a second straight session as mandated production cuts ahead of China’s upcoming military parade proved less severe than anticipated, easing fears over demand. Steelmakers in Tangshan will reduce sintering output by 30% from August 25 and blast furnace output by 40% from August 31, well below earlier expectations of a full shutdown. The shorter-than-expected duration of restrictions also suggests a more limited impact on iron ore consumption. In corporate news, BHP Group this week reported its weakest annual underlying profit in five years, posting $10.16 billion for the year ended June 30, down 26% from a year earlier, citing softer demand from China. The world’s second-largest economy accounts for roughly 75% of global seaborne iron ore imports and produces just over half of the world’s steel.
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