Iron ore futures slipped below CNY 803 per ton on Tuesday, extending losses for a second session as China’s end-use steel demand slumped in the third quarter, offsetting earlier gains in manufacturing-related consumption. Authorities in the world’s top steel producer also plan to curb new capacity to address excess output and falling prices, contributing to rising inventories. Some support came from restocking ahead of the Chinese National Day holiday. Elsewhere, steelmakers in Japan and India posted mixed results: Japan’s crude steel output fell 3.4% in August to 6.64 million tons year-on-year, while India’s production jumped 14.2% from the same period a year earlier.
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