Iron ore futures climbed above CNY 790 per ton, reaching an over two week high amid firm demand from steel mills and signs of tightening supplies in China. Steel producers stepped up iron ore purchases as inventories thinned, even while facing squeezed margins and softer steel prices. Steel demand in China’s non property sectors continues to strengthen, now accounting for more than 72% of total steel demand. The property market is also showing early signs of stabilizing, though meaningful growth in steel and iron ore demand is unlikely until new construction activity improves. On the supply side, China’s run of mine iron ore output fell 2.9% year on year in October to 84 million tons, while total iron ore inventories across 35 major ports dropped by 1.32 million metric tons. Still, analysts cautioned that prices may encounter headwinds amid expectations of higher global shipments, with China’s iron ore imports on track to hit a record this year.

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