On supplies, the first shipment of ore from Guinea’s giant Simandou mine arrived in eastern China on Saturday after a 46-day voyage on the Winning Youth, China’s Baowu Steel Group Co said on its official WeChat account. A second cargo left the African nation at the end of last year.
(Jan 19): Iron ore sank for a fifth day as Beijing confirmed a big drop in steel production and the inaugural cargo from a major new mine in Africa arrived in China, raising concerns about oversupply in the seaborne market.
Futures fell toward US$104 a tonne, set for the longest run of losses since November. Steel production in China — the top iron ore importer — shrank by more than 4% to about 961 million tonnes in 2025, according to official figures on Monday (Jan 19). That’s the lowest annual total since 2018.
