Credit: REUTERS/MUYU XUBy Enrico Dela Cruz
Oct 24 (Reuters) - Singapore and Dalian iron ore futures edged up on Monday, after data showed top steel producer China's economy rebounded at a faster-than-expected pace in the third quarter, but concerns about COVID-19 curbs and property slump kept a lid on prices.
Iron ore's benchmark November contract on the Singapore Exchange was up 0.3% at $91.05 a tonne, as of 0620 GMT.
On China's Dalian Commodity Exchange DCIOcv1, the steelmaking ingredient's most-traded January contract gained 0.3% to 680.50 yuan ($93.83) a tonne.
China's economy expanded 3.9% in the July-September quarter year-on-year, above the 3.4% growth forecast in a Reuters poll and quickening from the 0.4% pace in the second quarter.
But investors were not impressed, as real estate investment in January-September fell 8.0% from the same period a year earlier, worsening from the 7.4% decline seen in the first eight months of the year.
"The economy remains broadly weak as reflected by the monthly economic data in September," ANZ analysts said in a note. "As the COVID situation remains highly unpredictable, we are keeping our 2022 GDP (growth) forecast at 3.0%."
Traders also largely shrugged off a month-on-month rise in China's crude steel output in anticipation of increased construction activity in September and October.
"China's iron and steel industry is on the precipice of seasonably weaker demand as we quickly approach the country's dark and freezing cold winter months," Navigate Commodities Managing Director Atilla Widnell said.
"High-frequency construction steel consumption data indicates that Silver October has been equally if not more disappointing than Golden September."
Rebar on the Shanghai Futures Exchange SRBcv1 dropped 0.4%, hot-rolled coil SHHCcv1 slipped 0.1%, wire rod SWRcv1 shed 0.3%, and stainless steel SHSScv1 fell 1.1%.
Other Dalian steelmaking inputs also edged up, with coking coal DJMcv1 and coke DCJcv1 up 0.5% and 0.2%, respectively.
(Reporting by Enrico Dela Cruz in Manila; Editing by Sherry Jacob-Phillips)
((enrico.delacruz@thomsonreuters.com))
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