July 12 (Reuters) - Dalian and Singapore iron ore futures dropped on Tuesday on persistent concerns about weak demand in China, with the state planner's announcement of a plan to build more roads offering little relief to flagging markets.
The most-traded iron ore, for September delivery, on China's Dalian Commodity Exchange DCIOcv1 dropped up to 4.7% to 709 yuan ($105.38) a tonne, its lowest since July 6. It was down 3.5% at 718 yuan, as of 0330 GMT.
On the Singapore Exchange, the steelmaking ingredient's front-month August contract SZZFQ2 was down 2.4% at $107.40 a tonne, after earlier falling to $105.80, its weakest level this year.
China aims to build a total of 461,000 km (286,450 miles) of national highway by 2035, compared with 382,000 km by the end of 2021, the state planner said on Tuesday, doubling down on infrastructure support to revive the economy.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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