Iron ore futures dropped to around CNY 773 per tonne on Friday, hitting a one-month low after a string of disappointing economic indicators from top consumer China. Industrial production grew 5.7% in July, down from June’s 6.8% and below the 5.9% forecast. Retail sales rose 3.7%, slowing from 4.8% in June and missing expectations of 4.6%. New home prices slipped 0.3% from the prior month after a 0.4% drop in June, underscoring sluggish property demand despite fresh local government incentives for homebuyers. Meanwhile, China’s crude steel output fell to a seven-month low in July amid ongoing efforts to curb overcapacity. Hot weather and heavy rainfall also hampered outdoor construction activity. As a result, steel mill profitability has turned positive, which could lend some support to iron ore prices in the near term.
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