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Iron ore futures climbed to around CNY 760 per ton, supported by firmer demand as Chinese steel mills increased output amid a recovery in end-user consumption. Sentiment was also lifted by optimism over a potential diplomatic resolution to the Iran conflict, with a longer-term ceasefire expected to help revive Middle Eastern demand for Chinese steel. The conflict has disrupted trade flows through the Strait of Hormuz, reducing metals shipments to the Gulf. The region was China’s second-largest steel export destination last year, accounting for about 16% of its record-high exports. Meanwhile, data showed Chinese imports of iron ore and concentrates rose 11.5% year-on-year to 104.74 Mt in March, partly reflecting geopolitical shifts as cargoes initially destined for Middle East routes or nearby corridors were redirected toward East Asia.
