Iron Ore Extends Slide in Dalian on China Demand Jitters

Overview

• The most-traded January iron ore contract on the Dalian exchange fell for a fourth session to 776 yuan per tonne, down 0.26% on Nov. 5.
• The Singapore December benchmark edged up 0.1% to $103.7 per tonne, showing a divergence from onshore futures.
• China’s official manufacturing PMI fell to 49.0 in October for a seventh month of contraction, and a private survey showed slower expansion as new orders and output declined.
• Galaxy Futures said prices are likely to stay under pressure due to soft steel consumption, rising domestic inventories since the third quarter, and faster inflows of imported ore.
• ANZ noted Hebei’s environmental curbs focus on sintering rather than blast furnaces, limiting near-term ore demand effects, and Mysteel reported major developers increased land purchases this year, hinting at a cautious property recovery.