Iron ore futures fell below CNY 790 per ton, sliding to a near one-month low after Rio Tinto reported record production and robust shipments in the fourth quarter of last year. The world’s largest iron ore supplier posted a 7% rise in shipments to 91.3 million tons, driven by record output from its Pilbara operations and strong rail and port performance. The company also began exporting from its new Simandou mine in Guinea during the quarter and expects sales of 5 million to 10 million tons in 2026. On the demand side, an explosion at a steel plate factory in China’s Inner Mongolia region raised concerns about tighter safety supervision that could weigh on feedstock demand. Separately, official data showed China’s steel output fell more than 4% to around 961 million tons in 2025, the lowest annual level since 2018. Weakness in the property sector also persisted, with new home prices extending their decline in December.
