Iron ore futures fell to around CNY 700 per ton on Wednesday, declining for a second consecutive session as supply pressures mounted and seasonal demand from China weakened. Shipments to China from top exporters Australia and Brazil surged to 30.1 million tons last week—the highest weekly volume this year, according to industry data. Adding to supply-side pressure, Rio Tinto—the world’s largest iron ore producer—secured final government approvals for its Hope Downs 2 project, a joint venture with Hancock Prospecting. The project is expected to produce 31 million tons annually. On the demand front, global steel production dropped 3.8% year-on-year in May, according to the World Steel Association, reflecting sluggish construction and manufacturing activity.
