Iron ore slides on China property weakness; stimulus stems losses

From brecorder.com

Iron ore futures fell on Wednesday, weighed down by ongoing weakness in China’s property sector, which overshadowed support from recent government stimulus and infrastructure plans. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.49% lower at 813 yuan ($113.49) a metric ton, as of 0311 GMT. The benchmark August iron ore on the Singapore Exchange was 0.61% lower at $104.7 a ton. China’s outstanding property loans rose to a two-year high in June, following a series of property measures aimed at stabilising the sector. Despite ongoing policy support, the property ... (full story)