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Iron ore futures climbed to around CNY 715 per ton, recovering from 15-month lows as renewed concerns over potential supply disruptions resurfaced. A two-day strike is scheduled at BHP’s Port Hedland operations in Western Australia this weekend, despite progress in negotiations between the mining company and labor unions. The industrial action is expected to delay up to 16 iron ore shipments during the two-day period. BHP exports roughly $80 million worth of iron ore each day through Port Hedland, the world’s largest iron ore export terminal. Meanwhile, demand-side fundamentals remained weak, with a prolonged downturn in steel demand and deteriorating steel margins in top consumer China continuing to pressure the market. Hot metal production has fallen for several consecutive weeks as steel mills scale back output, while sluggish steel consumption has further reduced appetite for raw material purchases.
