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Iron ore prices fell on Thursday as fresh economic data from China pointed to weakening demand. The world’s largest steel producer reported an unexpected contraction in new yuan loans the first drop in two decades highlighting slower private-sector borrowing and subdued business activity.
On the Dalian Commodity Exchange, the most-traded January iron ore contract slipped 1.88% to 783.5 yuan per metric ton. In Singapore, the September benchmark fell 0.78% to $102.7 per ton.
The decline comes amid lower steel prices and high inventories, with seasonal demand slowing and crude steel output remaining elevated. Analysts note that speculative buying has been unable to offset the impact of weaker end-user consumption.
Other steelmaking inputs also registered sharp declines, with coking coal down over 5% and coke prices falling nearly 3.6%.
Market watchers say upcoming production cuts at Chinese steel mills and policy measures to stabilize the property sector could provide some support. However, in the near term, oversupply and sluggish demand are expected to keep iron ore prices under pressure.
Also Read : China to limit exports of aviation and aerospace equipment China expected to take gradual approach to prop up economy further, say analysts
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