Iron ore prices on China's Dalian Commodity Exchange slid Tuesday to their lowest in six weeks while Singapore futures fell to YTD lows, as Vale's ( NYSE: VALE ) higher Q3 iron ore production and increased shipments by Rio Tinto ( NYSE: RIO ) added pressure to already weak prices.
The most-traded January iron ore on the Dalian exchange ( SCO:COM ) ended daytime trading -0.4% at 687 yuan/metric ton ($95.57), after earlier hitting its lowest since September 7 at 678 yuan, and November iron ore on the Singapore exchange fell as much as 1.4% to $90.30/ton before turning higher.
On Monday, benchmark 62%-grade iron ore's ( TIOC:COM ) spot price hit an 11-month low of $94/ton, according to SteelHome consultancy data.
With top steel producer China sticking with its stringent zero-COVID rules that have slowed its economy and hopes fading for more policy support, analysts expect iron ore to continue below $100/ton beyond 2022.
Iron ore prices are coming off five consecutive weeks of declines .
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Iron ore prices tumble as Vale production, Rio shipments rise