Iron-ore has been in retreat for most of 2024 as a slowdown in China, including a drawn-out property crisis, hobbles domestic demand for steel. The industry’s challenges have forced mills to reduce output, while ramping up overseas sales. In recent weeks, Beijing has unveiled fresh moves to buttress growth, with monetary and fiscal initiatives, although details of the latter remain sketchy.
At the same time, leading miners have been beefing up supplies of iron ore, with their operations safeguarded by costs per ton that remain far below current spot levels. Exports from Brazil have been particularly marked, with shipments in September the second-highest on record for that month.
