Iron ore futures rose to around CNY 786 per tonne on Monday, rebounding from a near four-week low amid fresh signs of robust demand from China. Data showed the country’s iron ore imports in July climbed 2% from a year earlier, coming in well above the average monthly volume so far this year. Market participants noted that restocking activity from Chinese steel mills, supported by healthy profit margins and relatively low inventories, continued to underpin prices. At the same time, a Chinese consultancy reported that several steel mills had been instructed by authorities to temporarily suspend production later this month as part of efforts to reduce air pollution. Meanwhile, seasonal declines in consumption persist, with extremely high temperatures and heavy rainfall significantly disrupting downstream construction activity, which in turn has contributed to an accumulation of steel inventories.
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