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Iron ore futures slipped on Tuesday, with Dalian prices retreating after a four-session rally that propelled the benchmark contract to the year’s highest level driven by strong Chinese demand for the steelmaking ingredient.
The most-traded iron ore for January delivery on China’s Dalian Commodity Exchange dropped 0.1 percent to 905 yuan ($137.57) a ton by the midday break. The most-active January contract on the Singapore Exchange lost 0.3 percent to $125.71 a ton.
Market enthusiasm over falling steel and iron ore stockpiles in China was tempered somewhat by an anticipated slowdown in winter demand in the world’s top metals consumer, analysts said.
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