Iron ore futures slipped below CNY 790 per ton, sliding toward one-month lows as rising supply and concerns over demand in top consumer China weighed on prices.

Steelmakers have begun equipment maintenance ahead of the Lunar New Year holiday in February, dampening demand for steelmaking feedstocks, including iron ore.

Analysts also expect China’s steel exports to weaken this year amid concerns about a global supply glut, while strong shipments last year fueled growing protectionism among major importers.

Adding to supply pressures, the first shipment from Rio Tinto’s new Simandou mine in Guinea arrived in China earlier this month, with the project expected to reach sales of 5 million to 10 million tons in 2026.
Source: Trading Economics