20.10.202506:37:42UTC+00Iron Ore Slips on Weak China Data

Iron ore futures hovered around CNY 770 per ton on Monday, close to a two-month low, as sentiment was dampened by weak economic data from China, the largest consumer. Recent statistics indicated that China's economy expanded at the slowest rate in a year during the third quarter, burdened by ongoing trade tensions with the US, a persistent downturn in its property market, and weak domestic demand. However, there were some positive signals as eased trade tensions provided slight relief, following President Donald Trump's remarks that his proposed 100% retaliatory tariffs on Chinese imports would not be sustainable in the long term. Adding further downward pressure were expectations of increased global supply, particularly ahead of the commencement of the massive Simandou iron ore project in Guinea. A Guinean official confirmed that the rail and port infrastructure for this project will be inaugurated on November 11, potentially introducing new output that could pose a challenge to the dominant positions of Australian and Brazilian producers.