Iron Ore Firms on Supply Concerns

2026-07-16 04:02 By Jam Kaimo Samonte 1 min. read

Iron ore futures held above CNY 750 per ton, hovering near one-month highs amid growing concerns over tightening global supplies.

Australian mining giant BHP Group reported a 3% year-on-year decline in iron ore production to 68.1 million tons in the three months to June, as the company continued to prioritize expansion projects in copper and potash.

A looming strike by BHP workers at its Port Hedland operations in Western Australia also raised the risk of further supply disruptions, with hundreds of employees set to walk off the job after wage negotiations broke down.

However, Rio Tinto reported higher quarterly iron ore shipments, suggesting global supplies remain relatively ample.

In China, the state-backed China Mineral Resources Group has barred some steel mills from taking delivery of Fortescue’s Super Special Fines and Fortune Fines, both lower-grade iron ore products, adding to concerns over near-term supply.



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Iron Ore Firms on Supply Concerns
Iron ore futures held above CNY 750 per ton, hovering near one-month highs amid growing concerns over tightening global supplies. Australian mining giant BHP Group reported a 3% year-on-year decline in iron ore production to 68.1 million tons in the three months to June, as the company continued to prioritize expansion projects in copper and potash. A looming strike by BHP workers at its Port Hedland operations in Western Australia also raised the risk of further supply disruptions, with hundreds of employees set to walk off the job after wage negotiations broke down. However, Rio Tinto reported higher quarterly iron ore shipments, suggesting global supplies remain relatively ample. In China, the state-backed China Mineral Resources Group has barred some steel mills from taking delivery of Fortescue’s Super Special Fines and Fortune Fines, both lower-grade iron ore products, adding to concerns over near-term supply.
2026-07-16
Iron Ore Rises on China Supply Curbs
Iron ore futures climbed above CNY 760 per ton, reaching a one-month high as impending Chinese restrictions on selected Fortescue portside cargoes are expected to tighten domestic supply. China Mineral Resources Group, the state-backed commodity buyer, has reportedly informed some steel mills that beginning July 15 they will no longer be allowed to take delivery of Fortescue’s Super Special Fines and Fortune Fines, both lower-grade iron ore products. Separately, China established a new mining investment vehicle, Guangyan International Investment Co., to strengthen its control over overseas mineral resources. Meanwhile, customs data showed China’s iron ore imports rose 15% month-on-month to 112.69 million tons in June. At the same time, disruptions linked to the closure of the Strait of Hormuz have pushed up shipping and raw material input costs, increasing the cost of seaborne iron ore.
2026-07-14
Iron Ore Slips on Steel Mill Losses
Iron ore futures fell back below CNY 750 per ton, paring recent gains as mounting losses at Chinese steel mills fueled expectations of further production cuts. Steelmakers reported weaker profitability last week as elevated coking coal costs and persistently weak finished steel prices continued to squeeze profit margins. Planned maintenance and output reductions are also expected to weigh on near-term demand for iron ore. On the supply side, industry data showed global iron ore shipments totaled 30.38 million tons last week, down 14% from the previous week, with strong export volumes from both Australia and Brazil. Separately, China launched a new mining investment vehicle, Guangyan International Investment Co., to strengthen the country's control over overseas mineral resources.
2026-07-13