Iron ore futures slipped back below CNY 790 per ton, reversing gains from earlier in the week as rising portside inventories in China signaled weak demand and ample supply. An industry report pointed to a substantial buildup in coarse fines, while inventories of fine ore, lump ore, and pellets continued to decline. The window for iron ore restocking ahead of the Lunar New Year is also narrowing, with recent trends indicating limited scope for further upside. More than forty independent electric-arc furnaces are scheduled to shut down for maintenance between Feb. 1-8, weighing on near-term demand. However, blast furnaces are expected to ramp up production next week as more steel mills resume operations following planned maintenance. Iron ore prices also tracked a broader pullback across the metals complex, as a global speculative rally gave way to profit-taking.

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