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20.03.202606:09:31UTC+00Iron Ore Rises as China Tightens Curbs

Iron ore futures rose above CNY 810 per ton, reversing earlier-week losses after China reinstated purchasing restrictions on BHP’s Jimblebar product, tightening available supply. Beijing also introduced an additional ban on BHP’s Newman fines as a dispute continues between state-backed China Mineral Resources Group and BHP Group over a 2026 supply contract.

On the demand side, industry data showed average daily hot metal output increased by 38,000 metric tons week-on-week and is expected to rise further. However, upside in prices may remain limited as port inventories in China continue to grow, driven by strong shipments from producers and persistently weak steel demand amid the country’s prolonged property sector downturn. China’s crude iron ore output rose 1.3% year-on-year to 161.64 million metric tons in the first two months of the year.

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