Iron ore swung near $100 a ton as data from China painted a mixed picture of the outlook for demand from the country’s steel industry.

Futures — which sank more than 13% last week — initially shed as much as 3% to $97 a ton in Singapore, then rebounded. While China’s overall growth was buoyed by strength in factory output and investment at the start of the year, nationwide steel production was only marginally higher in the first two months.

Iron ore has still retreated by more than a quarter since the start of the year to be one of the weakest performers among major commodities. The slump has been driven principally by concerns about demand in China, where officials are battling a prolonged crisis in the nation’s steel-intensive property sector. Against that backdrop, some mills have been reducing production.

“Signs of weakness in demand continue to emerge, with Chinese smelters announcing output cuts,” ANZ Group Holdings Ltd. said in a note by analysts including Daniel Hynes.

Holdings of iron ore at ports in China — the world’s biggest importer — have been building up, pointing to ample supplies. Inventories swelled to 140.9 million tons last week, the highest level in more than a year.

Iron ore for April traded 1.5% higher at $101.40 a ton at 1:32 p.m. in Singapore, while yuan-priced futures in Dalian climbed for the first time in four days. Steel contracts in Shanghai were slightly firmer.