Iron ore futures climbed above CNY 710 per ton, recovering from one-month lows as Chinese steelmakers increased seaborne purchases ahead of China’s extended National Day holidays in early October. Seaborne cargo trading volumes rose 43% to 1.41 million tons on September 16 from the previous day, according to industry data. Rebar futures held above CNY 3,120 per ton near two-month highs as the China Iron and Steel Association and 45 major producers, including China Baowu Steel Group, urged firms to implement production controls and reduce elevated inventories. High production costs and weak steel demand sharply eroded profitability, prompting some mills to cut operations and schedule maintenance. Falling new-home prices in August underscored the continuing drag from China’s prolonged property-market downturn.