Iron-ore languishes on supply pressures, weakening demand

BHP, the world's biggest listed miner, kept its full-year iron ore production guidance unchanged, while warning that global economic uncertainty was expected to continue affecting supply chains, energy costs, labour markets and equipment and materials availability.

On Tuesday, Brazil's Vale reported a 1.1% increase in quarterly iron-ore production, while Rio Tinto posted a 4% rise in shipments in the last quarter compared with the previous three months.

Benchmark November iron-ore on the Singapore Exchange was down 0.7% at $92 a tonne, as of 07:02 GMT. It hit a 2022 low of $90.30 on Tuesday.

The most-traded January iron ore on China's Dalian Commodity Exchange ended a range-bound daytime trade 0.4% higher at 688 yuan ($95.24) a tonne, after touching a six-week low of 678 yuan in the previous session.