Iron Ore Prices Slide Amid Chinas Economic Concerns

Iron ore prices took a hit overnight as market disappointment lingered over the lack of aggressive stimulus from Chinese authorities to support the economy. The benchmark November iron ore on the Singapore Exchange dropped by 4.2% to $100.35 per tonne, briefly falling below the $US100 mark. The most-traded January contract on China’s Dalian Commodity Exchange (DCE) fell by 6%, reaching 746 yuan ($156) per tonne. Investors are now focusing on China's upcoming third-quarter GDP data, which is expected to show a slowdown in growth to 4.5%, the weakest in six quarters, adding further pressure to the commodity market.

At the time of writing, concerns remain high regarding China's economic trajectory and its impact on global demand for iron ore.

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