SINGAPORE: Bench-mark Singapore iron ore prices dipped on Wednesday, while Dalian futures contracts hovered near six-week lows, after BHP Group reported higher quarterly output of the steelmaking ingredient, adding to supply-side pressures.

BHP, the world’s biggest listed miner, kept its full-year guidance unchanged, but said it expects the global economic uncertainty to continue affecting supply chains, energy costs, labour markets and equipment and materials availability.

On Tuesday, Brazil’s Vale reported a 1.1% increase in quarterly iron ore production, while Rio Tinto posted a 4% rise in shipments in the last quarter compared with the previous three months.

Benchmark November iron ore on the Singapore

Exchange was down 0.5% at $92.20 a tonne, as of 0406 GMT. It hit a 2022 low of $90.30 on Tuesday.—Reuters