Iron Ore Steady as Markets Weigh Mixed China Data

Iron ore futures held steady around CNY 764.5 per tonne on Tuesday, hovering near a three-month high as investors assessed a mixed batch of economic data from top consumer China. In June, new home prices in China posted their sharpest monthly decline in eight months, underscoring continued weakness in the property sector. Meanwhile, the Chinese economy grew 5.2% year-on-year in the second quarter—slightly above expectations of 5.1%, but slower than the 5.4% pace recorded in the previous two quarters. Industrial production in June surprised to the upside, signaling resilience in manufacturing, though retail sales growth disappointed, fueling concerns over consumer demand. Iron ore prices have rallied in recent sessions amid speculation that Beijing may introduce additional stimulus measures to support the property market. At the same time, Chinese authorities are pushing to reduce industrial overcapacity as part of broader efforts to combat persistent deflationary pressures.