SINGAPORE- Dalian iron ore futures prices fell for a second consecutive session on Wednesday, undermined by weak seasonal demand from top consumer China and mounting global supply.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade nearly 0.5 percent lower at 823 yuan ($113.23) a metric ton.
The benchmark August iron ore on the Singapore Exchange was steady at $107.1 a ton.
The fall in iron ore futures comes amid concerns of weak demand in China just as supply increases, ANZ analysts said in a note.
Property investment in China fell 10.1 percent in the first half of 2024 from a year earlier, and home sales by floor area declined 19 percent , official data showed. The property sector is a key user of steel in China.
Extreme storms that battered China’s southern region this summer are now shifting to the central and northern provinces, with a small town in China’s Henan lashed by almost a year’s worth of rain in one day.
BHP Group the world’s largest listed miner, reported record annual iron ore production for a second consecutive year, helped by improved weather conditions and higher contribution from its South Flank operations in Western Australia.
