Iron ore holds near seven-week high
Iron ore futures eased to around CNY 801 per tonne on Thursday but stayed close to seven-week highs, underpinned by solid fundamentals.
In supply news, Australian miner Rio Tinto may be required to build a refinery at its massive Simandou project in Guinea, potentially limiting ore available for export.
A fire at a major Brazilian export hub earlier this week also raised concerns, though miner Vale confirmed shipment schedules and volumes remain unaffected.
On the demand side, appetite from top consumer China stayed firm, with seaborne imports hitting 25.6 Mt in the latest week, well above the five-year average of 22.1 Mt.
Total August imports reached nearly 112.40 Mt, supported by record seasonal shipments from Brazil and the clearing of port backlogs caused by late-July typhoon disruptions. These elevated arrivals are expected to bolster steel production in the post-military parade period.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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