Iron ore edges lower on robust supply

Iron ore prices for 62% iron content cargoes dropped to $102.88 per tonne as signs of strong supply coincided with ongoing demand concerns from top consumer China.

Iron ore edges lower on robust supply According to ANZ, iron ore shipments from Australia's main terminal, Port Hedland, reached 45.6 million tonnes in October, pushing the year-to-date total to 472.3 million tonnes—the highest in four years. Meanwhile, an industry report indicated rising iron ore stockpiles at Chinese ports due to passive restocking by portside traders.

Chinese measures disappoint investors

Additionally, investors were disappointed by Beijing's latest measures to revive the struggling economy, even after the finance ministry announced new tax incentives for home and land transactions on Wednesday. The prolonged crisis in China's property sector, which is a major driver of steel demand, has further dampened the outlook for iron ore consumption since 2021.