Dalian iron ore futures closed lower on Wednesday after the China Iron and Steel Association said iron ore discharging difficulties and port congestion issues were expected to ease later this month.
The most active iron ore futures contract on the Dalian Commodity Exchange, for January delivery, fell as much as 3.9% to 808 yuan ($116.27) per tonne. It ended down 0.9% at 833 yuan per tonne.
Steel prices on the Shanghai Futures Exchange also declined as new bank lending in China fell more than expected in July from the previous month.
The most traded steel rebar contract slipped 0.6% to 3,805 yuan a tonne and hot-rolled coils, used in cars and home appliances, closed down 0.2% at 3,900 yuan per tonne.
Spot prices of iron ore with 62% iron content for delivery to China rose by $1 to $118.5 per tonne on Tuesday from the previous trading day.
Other steelmaking ingredients fell, with Dalian coking coal dipping 0.4% to 1,198 yuan a tonne and coke dropping 1.0% to 2,009 yuan per tonne.
Stainless steel futures, for October delivery, fell 0.5% to 14,060 yuan a tonne.
Chinese electric carmaker Nio Inc plans to increase capacity, it said on Tuesday after reporting that quarterly revenue more than doubled, beating forecasts.
Hindalco signs MoU to invest ₹15000 crore in aluminium capacity expansion in Madhya Pradesh
EU expands sanctions on Russian aluminium: industry calls for closing loopholes
Fundamental weakness makes it difficult to sustain upward momentum in aluminium prices; short-term price correction observed
