SINGAPORE — Iron ore futures prices fell for a second straight session on Wednesday, as increased shipments from Australia and Brazil, and slowing seasonal demand from top consumer China weighed on sentiment.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.85 percent lower at 699.5 yuan ($97.58) a metric ton.
The benchmark July iron ore on the Singapore Exchange was 0.46 percent lower at $92.55 a ton.
The total volume of iron ore shipments from top suppliers Australia and Brazil increased to 30.1 million tons from June 16-22, reaching a year high, said Chinese consultancy Mysteel.
Australia’s Rio Tinto, the world’s largest iron ore producer, has received all necessary government approvals for its Hope Downs 2 project.
The Hope Downs 2 project, a joint venture between Rio Tinto and Hancock Prospecting, will have an annual production capacity of 31 million tons.
