BEIJING- Iron ore futures slipped for a third straight session on Wednesday, as concerns over demand prospects in top consumer China dominated in the absence of details for anticipated stimulus measures in the world’s second-largest economy.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 1.48 percent lower at 765 yuan ($105) a metric ton.
The contract hit the lowest since January 13 at 761.5 yuan a ton earlier in the session.
The benchmark April iron ore on the Singapore Exchange was 1.58 percent lower at $100.55 a ton, after touching the lowest since March 12 at $100.15 a ton earlier.
“The steeper fall in the new construction data dampened market confidence, sparking broad risk-off sentiment,” said Chu Xinli, an analyst at China Futures.
New construction starts measured by floor area decreased 29.6 percent in January and February, following a 23 percent slide in 2024, official data showed on Monday.
Moreover, lingering concern over demand prospects amid the escalation of a global trade war triggered by the new tariffs by US President Donald Trump is also weighing on prices.
India has recommended a temporary tax of 12 percent on some steel products for 200 days, known locally as safeguard duty, in a bid to curb imports.
