Iron ore futures climbed toward CNY 790 per ton, reaching a two-week high as sentiment improved on restocking activity in China ahead of the extended Labor Day holiday, alongside a rebound in domestic steel output. Shipments from Australia and Brazil also slowed, contributing to a drawdown in port inventories across China. Recent data showed stockpiles at Chinese ports fell 0.7% to 164.8 million tons last week, marking a second consecutive decline. Meanwhile, BHP Group reached a supply agreement with China’s state-backed iron ore buyer, resolving a months-long dispute that had unsettled the market. The Australian mining giant confirmed the deal while releasing its latest quarterly production figures, though it did not disclose specific contract details. BHP reported first-quarter iron ore output of 62.8 million tons, up 2% year-on-year, and maintained its full-year production guidance of 258 million to 269 million tons.
