China iron ore slips on tepid demand

Iron ore futures in China edged lower in early trade on Tuesday as demand eased in the wake of a move to restrict production in top steelmaking city of Tangshan, but losses were modest amid hopes that steel mills will soon replenish their stocks. Tangshan in Hebei province issued a second-level pollution alert on Friday, effective from April 20 to April 25, in response to a wave of smog expected to blanket the region. Steel mills in the city were ordered to halt operations of sintering machines by at least 40 percent or even shut down, based on their emission levels. The most traded September 2019 iron ore contract on the Dalian Commodity Exchange inched down 1 percent to 626 yuan ($93.27) a tonne. Spot iron ore, with 62 percent fines, for delivery to China, was 2.2 percent higher at $95 a tonne on Monday, according to SteelHome consultancy.