Iron ore futures fell below CNY 820 per ton, pulling back from 11-month highs and tracking a broader retreat across commodity markets as investors reacted to the latest geopolitical and trade developments. US President Donald Trump held off on imposing new tariffs on imports of critical minerals, while also signaling no immediate need for US military action in Iran after executions of protesters reportedly stopped. In other news, Australia’s BHP Group and Rio Tinto are joining forces in the Pilbara iron ore region to produce up to 200 million tons of the steelmaking ingredient from next decade. Meanwhile, data earlier this week showed China logged record iron ore imports for both December and the 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.
