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Iron ore futures rose above CNY 810 per ton, reaching their highest level in more than a month, supported by strong buying in mainland China as trading resumed after the May Day holiday. Sentiment was further lifted by a continued drawdown in steel inventories, which have now declined for seven consecutive weeks, pointing to potential restocking demand for raw materials. On the macro front, China’s manufacturing PMI remained in expansion territory, while policymakers in Beijing continued efforts to stabilize the real estate sector, improving the broader economic outlook. In corporate developments, UK-based Cadence Minerals said DEV Mineração has obtained an Installation Licence from the environmental authority in Brazil’s Amapá state, enabling key refurbishment and construction activities at the Amapá Iron Ore Project, including preparations to restart the Azteca processing plant.
