Iron ore futures slipped below CNY 790 per ton, pulling back from over two week highs as concerns about excess global supply and weakening demand in top consumer China weighed on prices. China is on track to import more than 100 million tons of iron ore for a sixth straight month, putting total annual imports on course for a new record. Shipments from a major Australian export terminal also hit a record high in October as Chinese demand remained resilient despite economic headwinds. On the demand side, analysts warned that hot metal output in China, a key gauge of iron ore consumption, is likely to decline in the coming weeks. China’s central bank also kept key lending rates unchanged for a sixth straight meeting in November, signaling no near-term policy easing. Additionally, the US Federal Reserve signaled that it may hold off on a December rate cut, hurting the overall demand outlook.

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