SINGAPORE: Dalian iron ore futures fell to their lowest in more than a year on Thursday, weighed down by a batch of dismal Chinese economic data and weak demand prospects in the top consumer’s steel market.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 2.66% lower at 678 yuan ($95.48) a metric ton.
The contract fell to as low as 677.5 yuan, its weakest level since Aug. 22, 2023. The benchmark October iron ore on the Singapore Exchange was 1.71% lower at $90.95 a ton, as of 0330 GMT.
“In contrast to last week’s mild rebound, prices of iron ore futures in China started this week with a drastic fall, as worries about the health of China’s economy once again prevailed in the market after new macroeconomic data pointed to weakening manufacturing activity”, said Chinese consultancy Mysteel in a note.
Source: Brecorder
