Iron ore eases on weak China data

Iron ore futures slipped below CNY 800 per tonne on Monday, pulling back from multi-week highs as lackluster economic data from top consumer China underscored persistent property sector weakness.

New home prices fell 0.3% in August from the prior month, extending a decline that began in May 2023 and reflecting subdued housing demand. Industrial output and retail sales also came in below forecasts amid soft domestic consumption and Beijing’s efforts to curb overcapacity, while the jobless rate edged higher.

Separately, China’s seaborne imports totaled 25.6 Mt last week, well above the five-year average of 22.1 Mt, while August imports as a whole reached nearly 112.40 Mt, buoyed by record seasonal shipments from Brazil and the clearing of port backlogs after late-July typhoon disruptions.