NGLOY - China iron ore tumbles to lowest since March as steel production slumos

Iron ore futures in China sink to nine-month lows, extending the recent selloff as data showed August steel production in the country falling 13% Y/Y. China's crude steel production fell for the third straight month to 83.24M metric tons, according to the National Bureau of Statistics, sending average daily output to the lowest since March 2020. The most-traded iron ore futures (SCO:COM) on the Dalian Commodity Exchange fell as much as 4.3% to 683 yuan/mt ($106.02), the lowest since December, before settling -2.9% to 693 yuan/mt. Spot prices of iron ore with 62% iron content for delivery to China (TIOC:COM) fell $2 to $125/mt, Reuters reports, citing SteelHome consultancy. Relevant tickers include RIO, BHP, VALE, OTCPK:GLCNF, OTCPK:GLNCY, OTCQX:AAUKF, OTCQX:NGLOY, OTCQX:FSUMF China recently reported its monthly factory activity contracted for the first time since April 2020.

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China iron ore tumbles to lowest since March as steel production slumos