Iron ore futures climbed above CNY 790 per ton on Thursday, rebounding slightly from a one-month low as expectations grew that Chinese steel mills would accelerate restocking following recent price declines and resume production after scheduled maintenance. Traders are betting that China’s hot metal output will recover after falling by around 7,000 tons in the latest week, as several blast furnaces underwent maintenance, with production expected to restart next week. However, caution persists over the risk of environmental protection restrictions and safety inspections imposed by the Chinese government in the run-up to the Lunar New Year holiday, which could curb steel output and limit demand for iron ore and other feedstocks. Markets are also closely monitoring potential disruptions to shipments and production linked to the monsoon and rainy season across the Southern Hemisphere, adding another layer of uncertainty to near-term supply dynamics.

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