SINGAPORE- Dalian iron ore futures prices dropped on Thursday to their lowest in more than two weeks, as higher supplies from top miners outweighed support from fresh property-sector stimulus measures in top consumer China.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 3.47 percent lower at 766.0 yuan ($107.54) a metric ton.
The contract had earlier slumped as much as 3.84 percent to 762.0 yuan, its weakest level since Sept. 30.
The benchmark November iron ore on the Singapore Exchange was 2.33 percent lower at $102.3 a ton, as of 0330 GMT.
the world’s largest listed miner, beat first-quarter iron ore output estimates, spurred by easing bottlenecks at its Western Australia operations. On Tuesday, Brazilian miner Vale reported its highest quarterly iron ore production since 2018.
