Iron Ore Rises on Higher China Steel Output

Iron ore futures climbed to around CNY 801 per tonne on Tuesday, recouping losses from earlier in the week after industry data showed Chinese steelmakers produced 2.09 Mt of crude steel per day in early September, up 7.8% from a year earlier. Prices also drew support from inventory restocking ahead of China’s National Day holiday. On the supply side, seaborne imports reached 25.6 Mt last week, well above the five-year average of 22.1 Mt, while August imports totaled nearly 112.4 Mt, boosted by record seasonal shipments from Brazil and the clearing of port backlogs following late-July typhoon disruptions. Still, weak Chinese economic data highlighted ongoing property sector stress, with new home prices falling 0.3% in August from the previous month, extending a downturn that began in May 2023 and underscoring subdued housing demand.