Iron ore prices were essentially flat around $99 per tonne on the Singapore Exchange on Aug. 1. Traders cited China’s slowing economy and steel demand as headwinds. China’s official manufacturing PMI fell to 49.3 in July (from 50.5 in June), indicating contracting factory activity, while daily crude steel output in China hit a three-week low. Many Chinese mills announced maintenance outages, reducing ore purchases and keeping the market subdued. Efforts to push benchmark ore above $100 were met with resistance; with low trading volumes and steady port inventories, sellers see little need to cut prices even as demand weakens. Analysts note that global steelmakers are in a holding pattern – waiting for clear signals from Chinese policy or an uptick in orders before making big purchases. With inventories not rising, both buyers and sellers are cautious, maintaining a narrow price band just below $100. This reflects broader uncertainty: many sectors (steel, commodities) remain under pressure amid trade tensions and economic softness, and any recovery in ore prices likely depends on renewed demand growth.