FX.co ★ Iron Ore Slips Despite Strong China Trade Data

Iron ore futures declined to below CNY 795 per ton on Monday, halting a two-day surge. This drop occurred despite China, the leading consumer, reporting trade data that surpassed expectations, due to ongoing difficulties in the construction sector, which continued to hinder market sentiment. According to official reports, Chinese exports and imports experienced higher-than-forecast growth in September, driven by strong global and domestic demand. Iron ore imports saw a significant increase of 10.6% from the previous month, reaching an unprecedented 116.33 million metric tons, as rising demand and prices led miners to expand shipments. Concurrently, China's steel exports rose by 10%, achieving a four-month peak at 10.47 million tons, challenging predictions that the global pushback against inexpensive Chinese steel would limit outbound sales.