Iron ore futures remained below CNY 750 per ton, hovering near multi-month lows after the northern city of Tangshan, China’s largest steelmaking hub, activated a level-two emergency response amid forecasts of deteriorating air quality. Authorities had earlier instructed steel mills across Northern China to temporarily curb output to limit pollution during the annual sessions of the National People’s Congress. The annual “Two Sessions” runs from March 4 to around March 11, when policymakers are expected to set economic targets, outline policy priorities, and release the 15th Five-Year Plan covering 2026–2030. A sluggish recovery in steel demand following the Lunar New Year holiday, along with rising inventories, also weighed on mills’ appetite for restocking raw materials. Portside inventories climbed to a record 162.17 million tons last week, according to industry data.
