SINGAPORE- Prices of iron ore futures were range-bound on Monday, as investors and traders assessed mixed market signals from top consumer China following the end of its widely watched third plenum.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.37 percent higher at 804 yuan ($110.55) a metric ton.
The benchmark August iron ore on the Singapore Exchange inched 0.2 percent lower at $104.3 a ton.
China on Monday lowered a key short-term policy rate and its benchmark lending rates in an attempt to boost growth, as the country is verging on deflation and faces a prolonged property crisis, surging debt and weak consumer and business sentiment.
The cuts come after China last week reported weaker-than-expected second-quarter economic data and its top leaders met for their third plenum.
The boost, however, failed to fully eradicate caution after the long-awaited Chinese policy update presented no major shift.
“The Third Plenum brought together China’s leaders to map out the general direction of the country’s long-term social and economic policies. But little was done to rectify weak economic growth,” ANZ analysts said in a note.
