Iron ore futures hovered around CNY 710 per ton, with underlying demand concerns persisting despite fresh Chinese stimulus signals. China’s steel output fell 3.6% year-on-year to 76.93 million tons in July, the lowest for the month since 2017, while inventories remained elevated. Weak property activity weighed on demand, with home prices down 3.2% year-on-year, while only about one-third of steelmakers were profitable. China’s July iron ore imports also fell 4% month-on-month to 108.09 million tons as shrinking steel margins prompted some mills to undertake maintenance. Meanwhile, fresh stimulus measures and expectations of stronger demand ahead of the September peak season offered support, with the government planning measures to boost domestic demand and growth and the NDRC urging local governments to accelerate major projects.