Monday brought a subtle yet noticeable tremor through the iron ore markets, signaling investor unease.
China, the titan of iron ore consumption, concluded its plenary session with mixed messages, causing prices to dip.
The September iron ore futures on the Dalian Commodity Exchange slid by 0.31%, landing at 798.5 yuan per ton.
Simultaneously, prices on the Singapore Exchange dropped by 0.83% to $103.65 a ton.
China, aiming to fend off economic slowdown, cut its key interest rates. The country faces a looming threat of deflation, compounded by a drawn-out real estate dilemma and escalating debts.
This economic turbulence follows disappointing second-quarter data, which the plenary session failed to counter with robust policy changes.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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