The most-traded iron-ore contract on China’s Dalian Commodity Exchange (DCE) DCIOcv1 slid 1.12% to 791.5 yuan ($115.87) a metric ton, as of 02:12 GMT. It touched its lowest since March 12 at 789.5 yuan earlier in the session.
The benchmark May iron ore SZZFK6 on the Singapore Exchange was down 0.87% at $105.75 a ton, as of 02:02 GMT.
Iron-ore shipments from major suppliers Australia and Brazil jumped by 30.5% week-on-week to 24.48-million tons as of April 7, data from consultancy Mysteel showed, as weather-related supply disruptions in Australia waned.
“High shipments and portside stocks, coupled with expectations that it’s hard to see downstream steel consumption to improve materially, pressured ore prices,” analysts at broker Galaxy Futures said in a note.