On Tuesday, Asian benchmark iron ore futures fell as traders worried that high prices would squeeze steel mill profits after Chinese demand for the steelmaking material sparked an earlier gain.
After hitting a 10-month high on Monday, the most-traded September iron ore contract on China's Dalian Commodity Exchange closed midday trading 0.6 percent down at 928.50 yuan (USD 139.5) a ton.
The most active July contract for iron ore on the Singapore Exchange fell 0.2 percent to USD 143.55 a ton.
Following Beijing's oft-repeated commitment to help the suffering domestic economy, iron ore's protracted climb concluded on Monday, pushing the spot price for the China-bound benchmark commodity to a six-week high of USD 144.50 per ton.
Steel manufacturer No. 1 China's efforts to de-escalate tensions COVID- 19 limitations, as well as dwindling stocks of imported iron ore at Chinese ports, fueled the rise.
High steel input prices, on the other hand, are exacerbating mills' problems, since demand has yet to build up after weeks of lockdowns, and China is determined to curb steel production this year.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only