SINGAPORE- Iron ore futures prices fell on Monday, weighed down by renewed rumours of China cutting crude steel output and conflicting statements from US and Chinese officials about trade talks.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.7 percent lower at 709 yuan ($97.20) a metric ton.
The benchmark May iron ore on the Singapore Exchange was 0.07 percent lower at $98.35 a ton.
Market talks resumed that China is planning to cut crude steel output by 50 million tons this year, pressuring prices of steelmaking materials while driving up steel prices.
China’s biggest listed steelmaker, Baoshan Iron & Steel, said chances of a crude steel output cut this year are high, though unlikely in April and May.
The state planner and the state-backed China Iron and Steel Association did not immediately respond to Reuters requests for comment.
