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Iron ore futures fell toward CNY 710 per ton in early September, retreating from one-month highs on expectations of strong supply in the second half of the year. Industry data showed global iron ore shipments increased by 2.73 million tons week-on-week to 35.72 million tons from August 24-30. However, iron ore arrivals at 47 Chinese ports fell by 7.66 million tons to 19.52 million tons over the same period. Meanwhile, global iron ore production growth is expected to accelerate to an average of 2.2% a year over 2026-2030, up from 1.2% over the previous five years, lifting annual output to 3.04 billion tons by 2030, according to research firm BMI. On the demand side, the outlook for industrial metals weakened as surging oil prices heightened inflationary risks and reinforced expectations of imminent interest rate hikes. Higher borrowing costs could eventually slow global economic growth, dampening demand for industrial metals.
