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Benchmark Dalian iron ore futures fell for a third straight session on Tuesday as a slide in steel prices in China spurred by signs of slowing demand dragged down the raw material.
The most-traded iron ore for September delivery on China’s Dalian Commodity Exchange shed as much as 4.5 percent in early trade to 1,106 yuan ($173.03) a ton, its lowest since June 1.
Iron ore’s most-active July contract on the Singapore Exchange slumped as much as 2 percent to $190 a ton, before clawing back some ground.
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The decline in China’s inventory of construction steel rebar slowed sharply last week, indicating easing demand, which has been anticipated with the monsoon season bringing rains to southern provinces while scorching temperatures hit the north.
