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Iron ore futures dropped below CNY 780 per ton, hitting a more than one-week low after some Chinese steelmakers were cleared to collect and trade cargoes from BHP Group that had built up at ports. The stockpiles had accumulated during a prolonged standoff, which was resolved after China’s state-backed buyer finalized negotiations with the miner.
Last week, BHP confirmed it had secured a supply agreement with China Mineral Reserves Group, ending months of tensions that had led to shipment diversions, restrictions on its products, and elevated port inventories. Prices also came under pressure from demand concerns, as China steps up efforts to curb excess competition and industrial overcapacity. Meanwhile, markets continue to monitor developments in the Middle East, where stalled US–Iran negotiations have kept the Strait of Hormuz effectively closed, limiting access to a key export market for Chinese steel.
