BEIJING: Benchmark iron ore futures in China dropped on Tuesday on concerns of declining steel demand due to construction slowdowns caused by poor weather and the COVID-19 pandemic.
The most-actively traded iron ore futures on the Dalian Commodity Exchange, for September delivery, closed down 0.5% to 745 yuan ($105.38) a tonne, extending losses for a second straight session.
Prices for the 62% iron-content ore for delivery to China settled at $101 per tonne on Monday, down 2.9% from $104 on June 2, data tracked by SteelHome consultancy showed.
Summers in China are typically a slow period for steel demand as heavy rains and heat interfere with construction. China, the world's biggest steel consumer, is forecasting a number of storms in its eastern coastal provinces this week.
"The current demand for steel products has weakened and apparent consumption is slumping and the off-peak season is having a relatively big impact on the market", said Huatai Futures in a note.
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