Iron ore near one-month low

Manila
Spot iron ore prices dropped to their lowest in nearly a month, under pressure from a weaker steel market in top consumer China that plunged Shanghai steel futures to a record low this week.
Traders were not confident that a seasonal pickup in Chinese steel demand next month would be strong enough to sharply revive prices, and iron ore buyers were reluctant to buy spot cargoes.
An upcoming big parade in Beijing has halted or limited operations of heavy industries in nearby areas including in top steel producing province Hebei, also curbing demand for iron ore.
The Sept. 3 military parade will commemorate the 70th anniversary of the end of World War Two.
"Some mills are buying forward cargoes based on floating prices plus some premium instead of fixed pricing," said a Shanghai-based iron ore trader.