Iron ore futures fell below CNY 810 per ton, hitting a two-week low after the first shipment from Guinea’s giant Simandou mine arrived in eastern China over the weekend, with a second shipment having departed Guinea late last year. The arrivals have significantly boosted supply, with port inventories in China climbing to around 155 million tons, the highest level since April 2022. Output from the Simandou project is expected to ramp up to as much as 120 million tons of high-grade ore. On the demand side, official data showed China’s steel production fell more than 4% to about 961 million tons in 2025, the lowest annual output since 2018. Weakness in the property sector also persisted, with new home prices extending their decline in December.
