Iron Ore Hits 2-Year Low

Iron ore futures dropped below CNY 700 per ton, reaching their lowest level since September 2024 as Chinese markets reopened after a week-long holiday, with weakening steel margins putting further pressure on prices.

Industry data showed that just 6.9% of Chinese steelmakers were profitable by the end of September, while average daily hot metal output was down 1.6% from the previous month.