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Iron ore futures slipped below CNY 750 per ton, resuming their decline as seasonally soft demand and weakening steel mill margins in top consumer China continued to weigh on the market. A number of Chinese steelmakers began maintenance work on production equipment, curbing demand for raw materials. Industry data also showed average daily hot metal output, a key indicator of iron ore consumption, fell for a third consecutive week to 2.38 million tons as of July 23, the lowest level since April 3. Meanwhile, investors are awaiting the upcoming Politburo meeting for potential stimulus measures that could provide support to the economy. Separately, Fortescue Executive Chairman Andrew Forrest called on China and Australia to engage in fair negotiations as the miner faces growing pressure from Beijing’s state-backed iron ore buyer over prolonged supply talks.
