Iron ore steady as steel demand slumps

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    BEIJING- Benchmark iron ore futures in China were little changed on Tuesday, after falling 3.8 percent in the previous session, on concerns of declining steel demand because of construction slowdowns caused by poor weather and the coronavirus outbreak.

    The most-actively traded iron ore futures on the Dalian Commodity Exchange, for September delivery, inched up 0.3 percent to 750 yuan ($106.14) a ton. The contract is set to fall 0.3 percent in June.

    Prices for the 62 percent iron-content ore for delivery to China settled at $101 per ton on Monday, down 2.9 percent from $104 on June 2, data tracked by SteelHome consultancy showed.

    The Chinese summer is typically a slow period for steel demand as heavy rains and heat interfere with construction. China, the world’s biggest steel consumer, is forecasting a number of storms in its eastern coastal provinces this week. –Reuters

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