The most-traded September iron ore contract on China’s Dalian Commodity Exchange slid 0.5% to 835.5 yuan ($116.62) per metric ton, as of 0257 GMT, after hitting a four-month peak in the previous session.
On the Singapore Exchange, the benchmark August iron ore sank 1.6% to $112.4 per metric ton after rising for four straight sessions to hit a three-month high on Friday.
China’s economy grew at a frail pace in the second quarter, although the annual figure was flattered by base effects, data showed on Monday. For June, industrial output topped forecasts with a 4.4% uptick from a year earlier, with crude steel output posted a 1.1% month-on-month rise and 0.4% year-on-year growth.
Still, property sales fell sharply in June from May, the fastest pace this year, while investment slumped in the double-digits.
Data last Thursday showed China’s exports fell the most in three years in June. Iron ore prices were buoyed by People’s Bank of China Deputy Governor Li Guoqiang’s comments that monetary policy in the second half of the year would be “targeted and forceful”, ANZ Research said in a note earlier on Monday.
