Iron ore futures fell below CNY 720 per ton for a third consecutive session as weakening steel margins in China clouded demand prospects for the key steelmaking ingredient. Industry data showed that only around 8% of Chinese mills remained profitable, down from roughly 30% a week earlier and 60% a year earlier, marking the lowest level since September 2024. Persistently elevated coke prices continued to squeeze profitability. China Mineral Resources Group, the state-owned iron ore importer, reportedly advised several steelmakers to avoid purchasing Rio Tinto Group's Pilbara Blend ore. Separately, South Korean logistics and shipping company HMM signed a long-term agreement worth around US$3.5 billion with Brazilian miner Vale to transport iron ore starting in 2030.