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Iron ore slides on weak China data, lower steel prices
Iron ore futures slid on Thursday, weighed down by signs of weak demand after China’s new yuan loans unexpectedly contracted for the first time in two decades, while steel prices fell on high supply and seasonally lower consumption. The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) fell 1.88% to 783.5 yuan ($109.25) a metric ton by 0259 GMT. The benchmark September iron ore on the Singapore Exchange was 0.78% lower at $102.7 a ton. China’s new yuan loans contracted in July for the first time in two decades, indicating weak private sector demand amid trade deal negotiations ... (full story)
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