Iron ore futures traded around CNY 770 per ton on Monday, hovering near two-month lows as weak economic data from top consumer China dampened sentiment. Figures showed the Chinese economy grew at its slowest pace in a year during Q3, weighed down by trade tensions with the US, a prolonged property slump, and sluggish domestic demand. Still, signs of easing trade frictions offered some support after President Donald Trump said his proposed 100% retaliatory tariffs on Chinese goods would be unsustainable. Adding to pressure, expectations of rising global supply ahead of Guinea’s massive Simandou project launch further dragged on prices. A Guinean official confirmed that rail and port facilities for the project will be inaugurated on Nov. 11, paving the way for new output that could challenge dominance from Australian and Brazilian producers.
