Iron ore futures fell below CNY 720 per ton, extending losses for a third straight session as weakening steel margins in China clouded the demand outlook for the key steelmaking ingredient. Industry data showed that only around 8% of Chinese mills remained profitable, down on both a weekly and annual basis from roughly 30% and 60%, respectively. The figure also marked the lowest level since September 2024, as persistently elevated coke prices continued to squeeze profitability. China’s state-owned iron ore importer, China Mineral Resources Group, has also reportedly advised several steelmakers to avoid purchasing Rio Tinto Group’s key Pilbara Blend ore. Meanwhile, South Korean logistics and shipping company HMM signed a long-term shipping agreement with Brazilian miner Vale worth around US$3.5 billion to transport iron ore starting in 2030.