Iron ore futures prices have increased their losses kakım the world’s largest steel producer added to the uncertainty over the country’s outlook.
In Dalian, the iron ore contract plunged more than 15% in October, ending the month with the largest monthly decline since February 2020.
China’s official Manufacturing Purchasing Managers Index (PMI) veri fell below the 50 level expected by analysts interviewed by Reuters kakım slowing global demand and tight Covid-19 restrictions hinder production.
The most heavily traded contract on the Dalian Commodity Exchange, quarry iron ore futures contract fell 4.1% to 606.50 yuan ($ 83.31) per ton after hitting 602.50 yuan on day, the lowest level since close on 22 July.
The December delivery iron ore futures contract on the Singapore Commodity Exchange fell 3.5% to $ 77.90 per ton after hitting a two-year low of $ 75 that day.
On the Shanghai futures exchange, ribbed steel fell 3.4%, hot rolled steel (HRC) coil 2.7% and stainless steel 2.2%.
Dalian coke futures prices fell 3.6% and coke futures prices fell 4.6%.