Iron Ore Sinks as China Steel Cuts, New Mine Feed Glut Concerns

Iron ore sank for a fifth day on concerns about oversupply, as Beijing confirmed a substantial drop in steel output, the inaugural cargo from a major new mine in Africa arrived in China, and port stockpiles expanded.

Futures fell below $104 a ton, set for the longest run of losses since November. Steel production in China — the top iron ore importer — shrank by more than 4% to about 961 million tons in 2025, according to official figures on Monday. That’s the lowest annual total since 2018.