Iron ore falls as demand weakens amid optimistic signs
Iron ore prices fell for the second consecutive session due to weakening steel demand, despite better-than-expected factory data in China. The May iron ore contract on the Dalian Commodity Exchange dropped 0.94% to 786.5 yuan, while the February contract on the Singapore Exchange rose 0.07% to $105.75. Domestic steel demand is declining, with rising inventories contributing to price drops. However, China's Purchasing Managers' Index showed unexpected growth, indicating potential recovery in the manufacturing sector, which is the largest consumer of steel.
