[Thailand Extends Anti-Dumping Duties on Hot-Dip Galvanized Cold-Rolled Flat Steel from China for Another Year]

Iron ore futures were weaker today. The DCE most-traded I2701 contract settled at 710.5 yuan/mt, up 0.28% from the previous session. Qingdao port spot prices were broadly flat. Traders were active in offering while mills stayed on the sidelines. Spot trading was thin.

The domestic ore market in eastern Liaoning is generally stable, with traders rarely making inquiries for goods. Mining and processing operations remain at low levels, and holders are reluctant to sell below their psychological expectations. Supply-demand trading is cautious and need-based. End-use demand has yet to show significant improvement, and steel mills lack the motivation to resume or ramp up production. Iron ore demand remains weak with little room for improvement, compounded by expectations of a downward adjustment in mid-month settlement prices by leading steel enterprises.

Australia's June outlook (2025-26 dollars) projects iron ore export earnings falling from about 75.8 billion USD (116.6 billion AUD) in 2025-26 to 50.2 billion USD (77.2 billion AUD) by 2030-31, a 34% fall against a 2% volume drop. China's January-July crude steel output fell 3.1% to 577 million tonnes while iron ore imports rose 5.9% to 736.8 million tonnes. Reuters said on 6 August that China Mineral Resources Group told some mills to halt September talks with Rio Tinto; Guinea's Simandou, targeting 120 million tonnes a year, broadens buyer options. The 1 billion AUD (650 million USD) Green Iron Investment Fund requires at least 1 million tonnes a year and first commercial sales by 31 March 2031; low-emission steelmaking favours high-grade ore, making Pilbara fines a strategic challenge.