Iron ore futures fell below CNY 790 per ton, hitting a one-week low as disappointing factory data from top consumer China clouded the demand outlook. A private survey showed that Chinese manufacturing activity slowed more than expected in October as trade tensions with the US escalated during the month, following official data last week that signaled the longest contraction in over nine years. Meanwhile, Presidents Donald Trump and Xi Jinping met last week to defuse trade tensions, agreeing on key issues such as tariff reductions, the removal of rare earth export controls, and the end of investigations into semiconductor firms. Iron ore prices also faced pressure from the prospect of higher supply, with Guinea’s massive Simandou mining project expected to come online soon.
