July 4 (Reuters) - Dalian and Singapore iron ore futures tumbled on Monday, weighed by a gloomy demand outlook for the steelmaking ingredient in China, where many steel mills are nursing losses and cutting production.
The most-traded September iron ore contract on China's Dalian Commodity Exchange DCIOcv1 ended daytime trade 5.8% lower at 719.50 yuan ($107.49) a tonne, extending losses to a third session and touching its lowest since June 23.
On the Singapore Exchange SZZFQ2, the front-month August contract was down 4.8% at $109.15 a tonne, as of 0709 GMT.
Mills in top steel producer China have idled dozens of blast furnaces as stocks piled up after domestic demand weakened, hit by COVID-19 lockdowns and bad weather.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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