Iron ore futures climbed above CNY 760 per ton, rebounding from five-month lows on expectations that Chinese steel mills will begin restocking to sustain production levels ahead of the Lunar New Year holiday in February. Steelmakers typically secure cargoes in advance to cover output needs during the holiday period, when logistics activity slows. Meanwhile, iron ore prices had come under pressure in recent sessions after China’s Ministry of Commerce announced that certain steel products would be placed under an export licensing regime starting January 1. The move follows a surge in Chinese steel exports, which has prompted rising protectionist responses in overseas markets. China’s steel sector has increasingly leaned on exports amid weak domestic demand tied to a prolonged downturn in the property market.
