Iron ore futures climbed above CNY 740 per ton, recovering from one-year lows after China’s state-backed buyer moved to restrict deliveries of certain Fortescue products to selected domestic steel mills, tightening supply in the world’s largest market for the steelmaking raw material. According to reports, the China Mineral Resources Group instructed mills and traders holding Fortescue’s Super Special Fines to take delivery before July 15, after which the blast furnace feedstock would be blacklisted. If enforced, the measure would mark a significant escalation in the dispute between the two sides, as negotiations over long-term supply contracts between the Australian miner and CMRG remain deadlocked. Meanwhile, iron ore prices had come under pressure in recent weeks due to ample global supply and weakening demand from the steel sector.

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