Iron ore heads for weekly loss as China’s property demand softens

[Steelworker cleaning pouring end of flask during steel pour in steelworks]
Monty Rakusen

Iron ore futures dipped on Friday following a slew of negative data from China, which showed a slowdown across the country's economy last month.

Production [https://seekingalpha.com/news/4485862-chinas-economy-slows-as-industrial-production-retail-sales-both-miss-targets-jobless-rate-climbs-to-52-in-july] at factories and mines rose at the slowest rate since November, according to government figures.

The most-traded January iron ore contract on China's Dalian Commodity Exchange traded 1.27% lower at 774.5 yuan ($107.83) a metric ton. The contract has lost 1.34% so far this week.

The benchmark September iron ore on the Singapore Exchange was 0.14% lower at $101.95 a ton. The contract has lost 0.2% so far this week, as per Reuters.

Meanwhile, China’s crude steel output also hit a seven-month low in July amid ongoing efforts to curb overcapacity.

Hot weather and heavy rainfall disrupted outdoor construction activity.

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