BEIJING: Iron ore futures slipped for a third straight session on Wednesday, as concerns over demand prospects in top consumer China dominated in the absence of details for anticipated stimulus measures in the world’s second-largest economy.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 2.12% lower at 760 yuan ($105.05) a metric ton, the lowest since January 13.

The benchmark April iron ore on the Singapore Exchange slid 2.07% to $100.05 a ton, as of 0707 GMT, after touching the lowest since March 12 at $99.75 a ton earlier in the session.

“The steeper fall in the new construction data dampened market confidence, sparking broad risk-off sentiment,” said Chu Xinli, an analyst at China Futures.

New construction starts measured by floor area decreased 29.6% in January and February, following a 23% slide in 2024, official data showed on Monday.

Moreover, lingering concern over demand prospects amid the escalation of a global trade war triggered by the new tariffs by US President Donald Trump is also weighing on prices.

India has recommended a temporary tax of 12% on some steel products for 200 days, known locally as safeguard duty, in a bid to curb imports.

Elsewhere, Taiwan will maintain anti-dumping duties on stainless steel from China and South Korea for five years. Other steelmaking ingredients on the DCE tumbled, with coking coal and coke down 2.98% and 2.68%, respectively.

Steel benchmarks on the Shanghai Futures Exchange eased. Rebar lost 1.19%, hot-rolled coil dipped 0.74%, wire rod slid 0.68% and stainless steel ticked down 0.07%.

“A turnaround in the steel market will need to see either a forceful production cut among steelmakers or a stronger-than-expected consumption,” China Futures’ Chu said.