NGLOY - Iron ore extends losses as BHP warns on Chinese steel slowdown

Benchmark iron ore futures in China tumble to their lowest in five months following a warning from BHP on the likelihood of further steel production curbs in the country. In a commodities outlook report, BHP sees a rising likelihood of "stern cuts" to Chinese steel output this year, and the prospect of much lower steel production during H2 is "testing the bullish resolve of the futures markets." BHP -4.7% pre-market; also RIO -2.6%, VALE -1.7%. Also on watch: OTCPK:GLCNF, OTCPK:GLNCY, OTCQX:AAUKF, OTCQX:NGLOY, OTCQX:FSUMF The most-actively traded iron ore futures (SCO:COM) on the Dalian Commodity Exchange fell as much as 4.6% to 806 yuan/metric ton ($124.36) before paring losses to ~2.5%. Iron ore inventories at Chinese ports rose by 260K mt last week to 127M mt, according to data from the Mysteel consultancy. Most-active iron ore entered the year at nearly 1,000 yuan and topped 1,350 yuan as recently as May,

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Iron ore extends losses as BHP warns on Chinese steel slowdown