BEIJING- Iron ore futures slid on Monday hit by demand concerns and high inventories in top consumer China, although investors hoped for more stimulus in a key meeting next week.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 1.2 percent lower at 844 yuan ($116.11) a metric ton, after a weekly gain of 4.2 percent previously.
The benchmark August iron ore on the Singapore Exchange was 0.1 percent lower at $110.2 a ton.
Measures to boost the country’s property market started showing impact, however, doubt on the sustainability of the recovery weighed on prices, ANZ research analysts said.
Also weighing on the market was rising port inventories amid weaker buying from steel mills, they added.
Investors, however, held hopes of additional stimulus in China’s key third plenum meeting on July 15-18 also lent support to investors’ sentiment.
Other steelmaking ingredients on the DCE moved lower, with coking coal and coke both down 1.1 percent .
Steel benchmarks on the Shanghai Futures Exchange mostly trended down. Rebar lost 1 percent , hot-rolled coil slipped 0.8 percent , wire rod shed 0.7 percent , while stainless steel gained 0.6 percent.
