Iron ore subdued as market grapples with supply pressures, weak demand

Oct 19 (Reuters) - Benchmark Singapore iron ore prices dipped on Wednesday, while Dalian futures contracts hovered near six-week lows, after BHP Group BHP.AX reported higher quarterly output of the steelmaking ingredient, adding to supply-side pressures.

BHP, the world's biggest listed miner, kept its full-year guidance unchanged, but said it expects the global economic uncertainty to continue affecting supply chains, energy costs, labour markets and equipment and materials availability.

On Tuesday, Brazil's Vale VALE3.SA reported a 1.1% increase in quarterly iron ore production, while Rio Tinto RIO.AX, RIO.L posted a 4% rise in shipments in the last quarter compared with the previous three months.

Benchmark November iron ore SZZFX2 on the Singapore Exchange was down 0.5% at $92.20 a tonne, as of 0406 GMT. It hit a 2022 low of $90.30 on Tuesday.