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Iron ore prices fell on Monday to their lowest in more than a year, as investors weighed prospects of soft China demand amid an uneven economic recovery and stronger supply against fresh monetary easing measures by the world’s top consumer.
The benchmark October iron ore on the Singapore Exchange was 2.31% lower at $81.55 a ton, as of 0701 GMT. Raw iron ore output in the January-August period climbed 4.1% year-on-year, Chinese financial information site Hexun Futures reported, citing National Bureau of Statistics data. The surge in exports, also up 18.9% from July, comes as manufacturers increasingly turn to the global market amid sluggish domestic demand this year, Mysteel said.China’s central bank supplied 14-day cash to its banking system and at a lower interest rate, signaling its intent for further monetary stimulus, though analysts said the funding operation in itself wasn’t a major policy easing.
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