Iron ore futures slipped on Monday on rising port inventory of the steelmaking ingredient in China, though optimism over prospects of strong domestic steel demand kept losses in check.
The Dalian Commodity Exchange’s most-traded September iron ore contract fell as much as 1 percent to 811 yuan ($115.87) a ton and was on track for a third consecutive session of losses.
Iron ore’s August contract on the Singapore Exchange slumped 1.5 percent to $105.48 a ton, extending losses into a fourth session.
China’s imported iron ore inventory stocked at ports rose for a fourth straight week to 112 million tons, as of July 17, the highest since mid-May, data from SteelHome consultancy showed.
Rising port stockpiles and signs that iron ore demand from steel mills were levelling off also kept iron ore’s spot prices under pressure. — Reuters
