Iron Ore Steady as China Curbs Steel Output

Iron ore futures held around CNY 779 per tonne on Thursday, trading sideways this week as reports indicated China will seek to curb steel production between 2025 and 2026 to address overcapacity. The world’s top steelmaker pledged in March to restructure its vast industry, though details on the scale and pace of cuts remain unclear. Official data showed crude steel output fell 3.1% in the first seven months of the year to 594.47 million tonnes. Earlier this week, iron ore prices found support after Rio Tinto suspended operations at its giant Simandou project in Guinea following a worker’s death. The miner had been expected to begin exports from the long-delayed project in November, though it has not yet confirmed whether the suspension will alter that timeline. Separately, geologists announced a landmark discovery in Western Australia’s Pilbara region, identifying what is now considered the world’s largest iron ore deposit, with an estimated value of $6 trillion.