Benchmark iron ore futures in China slumped more than 4% to their lowest since March 24, as an increase in portside inventories and curbs on steel production weighed on prices.
The most actively traded iron ore futures on the Dalian Commodity Exchange, for January delivery, fell as much as 4.6% to 806 yuan ($124.36) per tonne.
Iron ore inventories at 45 ports in China increased by 260,000 tonnes last week to 127 million tonnes, data from Mysteel consultancy showed.
China’s steel industry is under pressure after pledging to reduce output this year, a goal that requires huge second-half curbs to offset booming output earlier in 2021. Production in July was more than 8% lower year-on-year, data on Monday showed.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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