Iron ore futures climbed toward CNY 800 per ton, reaching a three week high as declining global shipments fueled supply concerns. Industry data showed that combined exports from major producers Australia and Brazil fell by 2.7 million tons last week from the prior week. China also proposed lowering port fees for state owned enterprises holding cargoes for less than 30 days, a move expected to discourage long term stockpiling and accelerate inventory turnover, potentially tightening spot supply during restocking periods. Sentiment was further supported after Chinese President Xi Jinping and US President Donald Trump held a phone call this week, their first discussion since agreeing on a trade deal last month and a fresh sign of improving Sino US relations.
