Iron Ore Slips on Weak Fundamentals
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Iron ore futures dropped below CNY 790 per ton, nearing one-month lows due to weakened pre-holiday steel demand and increased global supply. Chinese steel mills reduced purchases ahead of the Lunar New Year holiday, impacting near-term demand. Port activity in China declined, with lower transaction volumes and a 1.16% rise in port inventories. Additionally, shipments from Australia and Brazil increased, adding to supply pressures. In related news, China is assisting Algeria in reopening the Gara Djebilet mine, and Strike Resources signed a memorandum with Naveria Petral for a port project in Peru to support future iron ore exports.
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