Iron ore futures fell for a fourth day in the Singapore market as the latest economic data from China pointed to a slowdown in the steel industry and the broader manufacturing industry.
Iron ore, a raw material used in steelmaking, has halted a record-long monthly streak of declines as steel production declines and the energy crisis swept coal prices. Steel production continued to decline last month as volumes were at their lowest level since 2017 in September, according to a survey by the China Iron and Steel Association.
The steel industry purchasing managers index (PMI) fell from 45 to 38.3 in October, with sharp declines in production and new orders indices. The figure below the 50 level indicates a contraction in the sector.
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