Iron ore futures fell below CNY 790 per ton, hitting a four-week low as shipments from major suppliers surged, while a two-week ceasefire in the Middle East eased supply disruption concerns.

Industry data showed that shipments of the key steelmaking ingredient from major producers Australia and Brazil jumped by over 30% week-on-week to 24.48 million tons as of April 7, as weather-related disruptions subsided.

However, analysts noted that Chinese iron ore demand is likely to weaken this year as steel consumption slows, citing a prolonged property sector crisis in China.

Increased anti-dumping measures and trade barriers also threaten China’s ability to sustain its steel exports.

Meanwhile, the US, Iran and Israel agreed to a two-week ceasefire to allow negotiations for a potential deal to end the war.
Source: Trading Economics