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Iron ore futures slipped toward CNY 730 per ton, pulling back from six-week highs amid rising concerns over demand in top consumer China as steel margins continued to deteriorate. Industry data showed that only around 30% of steelmakers were profitable as of September 4, down from 32.5% a week earlier and 61% during the same period last year. Another report indicated that China’s blast furnace operating rate fell to 89.08%, down 0.48 percentage point week-on-week, while average daily pig iron output declined by 5,200 mt to 2.4028 million mt. China’s state-owned iron ore importer, China Mineral Resources Group, has also advised several steelmakers to avoid purchasing Rio Tinto Group’s key Pilbara Blend ore. Meanwhile, South Korean logistics and shipping company HMM signed a long-term shipping contract with Brazilian miner Vale worth around US$3.5 billion to transport iron ore starting in 2030.
