Iron ore futures fell toward CNY 760 per ton, touching a five-month low after data showed China’s iron ore imports declined for a second straight month in November as demand softened. Several steel mills curtailed activity for equipment maintenance amid thinning profit margins, weighing on buying appetite. China imported 110.54 million metric tons of iron ore in November, down from 111.3 million tons in October but above the 101.86 million tons recorded a year earlier. Despite the monthly drop, imports remained above 100 million tons for a sixth consecutive month, pushing portside inventories up 2.5% month-on-month to 139.04 million tons. On the demand side, average daily hot metal output slipped 1.7% from October to 2.36 million tons, according to industry data. Last week, the China Iron and Steel Association met with major domestic miners and regulators to discuss plans to expand the country’s iron ore production.
