Iron ore for September futures on the Dalian Commodity Exchange closed down 6.9% at 747.5 yuan per tonne. On the Singapore Exchange, the August iron ore contract fell 4.3 percent to $113.9 a tonne.

Iron ore and steel fell as the prospect of a sharp global economic slowdown stoked fears of a slump in commodity demand, despite signs of a recovery in production in China.

The recent global economic downturn has weighed on the already bleak iron ore demand outlook in China, where mills have stopped dozens of blast furnaces recently in an effort to reduce inventories as orders rise. feebleness.

The September iron ore contract on the Dalian Commodity Exchange closed down 6.9% at 747.5 CNY ($111.47) a tonne, continuing to decline for a second session.

On the Singapore Exchange, the August iron ore contract fell 4.3 percent to $113.9 a tonne.

In the spot market, iron ore with 62%Fe content fell $2 to $122 a tonne on June 30, erasing gains in 2022, according to SteelHome data.

Asia’s manufacturing activity stalled in June as many companies were affected by supply disruptions due to China’s strict Covid-19 lockdown, while the risk of a sharp economic slowdown in Europe and the US.

The slowdown in China’s steel output also shows a determination to continue reducing annual output in line with the decarbonization target.

In Hebei, China’s largest steel-producing province, some mills are said to have chosen to carry out annual overhauls of blast furnaces earlier than usual.

On the Shanghai trading floor, the price of bar steel fell 2.5% after gaining 6 sessions, hot rolled coil decreased 2.2%. Stainless steel dropped 2.4%.

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