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Iron ore futures climbed above CNY 790 per ton, recovering from three-week lows as global steel production declined in April at a slower pace than in March, with the contraction in China’s steel output also moderating. The data offered some support to sentiment in the iron ore market, though underlying demand conditions remained fragile. Steel margins in China continue to face pressure amid ongoing weakness in the country’s infrastructure and property construction sectors. Last week, iron ore prices fell to multi-week lows as higher shipments from Australia and Brazil increased supply pressures, while Chinese steel mills continued to grapple with elevated inventory levels. Supply is also expected to rise further in the coming weeks, even as demand growth remains constrained, with blast furnace utilization rates already operating at relatively elevated levels.
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