Iron Ore Dips on Weak China Demand With Pre-Holiday Restocking Capping Losses

Overview

• The most-traded January iron ore contract on the Dalian Commodity Exchange slipped 0.12% to 800 yuan (about $112.55) per tonne.
• The September benchmark on the Singapore exchange eased 0.19% to $105.25 per tonne.
• Galaxy Futures reported negative year-on-year growth in August manufacturing and infrastructure investment, with end-use steel demand dropping sharply in the third quarter versus a 7% rise in the first half.
• Everbright Futures said hot-metal output increased month on month to 2.4055 million tonnes after production restrictions were suspended.
• Mysteel noted imported ore inventories at Chinese blast-furnace mills rose for a third straight week, up 10.3% from the prior week, as China’s August crude ore output climbed 8.8% and Brazilian shipments grew in the third quarter.