Iron ore futures climbed to around CNY 825 per ton, reaching their strongest level since February last year after China reported record imports of the steelmaking ingredient for both December and full year 2025. The surge was driven by low inventories, improved steel margins, and restocking ahead of the Lunar New Year holiday in February. China also posted record steel exports last month as traders front loaded shipments ahead of Beijing’s planned export license requirement for 2026. Supply side conditions added further support, with industry data pointing to slower shipments from Australia and Brazil in the latest week. Sentiment was further underpinned by expectations of additional policy easing after China’s cabinet met on Friday to discuss a package of fiscal and financial measures aimed at boosting domestic demand, including steps to support household consumption.
