Iron ore futures fell below CNY 760 per ton, sinking to a near two-month low after data showed China’s iron ore imports dropped nearly 6% in May from the previous month, defying expectations for an increase amid improved steel margins and higher shipments from major producers. China imported 97.71 million tons of the key steelmaking ingredient last month, down from 103.9 million tons in April and below analysts’ forecasts of 104 million to 110 million tons. Analysts attributed the decline to cautious purchasing by steelmakers, who have limited buying to immediate needs ahead of a seasonally weaker demand period. Demand from China’s steel sector has also softened earlier than usual this year, as persistent rainfall and the early arrival of summer heat have slowed construction activity.

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