Iron ore futures slid to around CNY 785 per ton, touching a one month low as inventories at Chinese ports jumped to their highest level since 2022 last week, signaling softer demand amid ample supply. Steel demand weakened further as construction activity in China slowed ahead of the Lunar New Year holidays, weighing on prices of iron ore and other steelmaking inputs. Supply pressures also intensified as shipments from Brazil and Australia remained strong. Brazilian miner Vale reported iron ore production of 336.1 million tons in 2025, the first time since 2018 that its output exceeded that of rival Rio Tinto’s Pilbara operations in Australia. However, Vale has temporarily halted operations at two mines after water mixed with sediment overflowed over the weekend, potentially limiting further downside in prices.

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