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Iron ore prices rose after reports confirmed that China plans to reduce steel production in 2025–26 as part of efforts to curb overcapacity and improve industry efficiency.
According to market updates, Singapore-traded iron ore futures climbed over 1.7% to above $104 per tonne, reaching a two-week high. The move reflects renewed optimism for raw material demand, even as China looks to shut outdated furnaces and streamline production.
However, industry experts remain cautious about the actual implementation of the cuts. Official data shows that China’s steel output still grew by 0.4% in the first four months of 2025, while profits rebounded to 16.9 billion yuan ($2.35 billion) from last year’s losses. These factors may reduce the incentive to enforce strict reductions.
For global suppliers, especially Australian iron ore miners, China’s plan could open opportunities. Demand for high-grade ore is expected to rise if Beijing follows through with its restructuring policy, though much depends on consistent enforcement.
Overall, the development highlights China’s balancing act between economic growth, environmental targets, and industry stability, with ripple effects on global iron ore and steel markets.
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