Iron ore futures held below CNY 770 per ton, hovering near the lowest levels in over three months after industry data pointed to rising inventories at Chinese mills and ports. The buildup followed record-high imports in September and comes ahead of the expected launch of Guinea’s massive Simandou project. At the same time, Chinese steelmakers have reduced iron ore purchases amid uncertain demand prospects and shrinking profit margins. Meanwhile, China’s Fourth Plenum wrapped up on Thursday with the Communist Party pledging to boost domestic consumption and manufacturing while advancing tech self-reliance. Investors also monitored trade developments after the White House confirmed the Trump-Xi meeting next Thursday on the sidelines of the APEC summit.
