Iron ore futures fell toward CNY 750 per ton, extending their recent decline following reports that state-backed China Mineral Resources Group permitted several steel mills to purchase cargoes from BHP Group, signaling a potential easing in a months-long commercial dispute.

The development came after a visit to China by BHP’s incoming chief executive officer, Brandon Craig, who held meetings with executives from China Baowu Steel Group and CMRG. Data also showed that Chinese imports of iron ore and concentrates rose 11.5% year-on-year to 104.74 Mt in March, partly driven by geopolitical factors as shipments originally bound for routes through the Middle East or nearby corridors were redirected toward East Asian markets.

Meanwhile, supply from Australia rebounded following earlier weather-related disruptions caused by Cyclone Narelle.
Source: Trading Economics