Iron ore down

Shanghai: Chinese iron ore futures declined for the seventh consecutive session to hit a nearly fourth-month low as steelmaking raw materials were pressured by soft demand for the metal and high product inventories held by trading companies.

Dalian iron ore futures tumbled more than 3 percent to an intraday low of 475.5 yuan ($75.12) a tonne, its deepest level since Nov. 20. Iron ore was at 477.5 yuan a tonne by the midday break, down 3 percent.

The most active rebar on the Shanghai Futures Exchange also dropped for a seventh straight session, with steel demand failing to pick up as quickly as expected after the week-long Chinese New Year break in February.

Rebar was 0.6 percent lower at 3,717 yuan a tonne at midday. High inventories of steel rebar products, mainly used for construction, have prompted some traders to sell their stocks at a loss and driven down prices.