Iron ore futures held below CNY 750 per ton, trading near multi-month lows after Tangshan — China’s largest steelmaking hub in the north — activated a level-two emergency response amid forecasts of worsening air quality. Earlier, authorities had instructed steel mills across Northern China to temporarily cut production to curb pollution during the annual sessions of the National People’s Congress.
The annual “Two Sessions” run from March 4 to around March 11, when policymakers are expected to set economic targets, define policy priorities, and unveil the 15th Five-Year Plan for 2026–2030. A sluggish recovery in steel demand following the Lunar New Year holiday, combined with rising inventories, has further dampened mills’ appetite for restocking raw materials. Portside inventories rose to a record 162.17 million tons last week, according to industry data.