Iron ore stabilizes as China's outlook is being examined

The price of iron ore with 62% iron content is stable at $109.58 per ton as investors evaluate the latest economic indicators from China, the largest consumer country, and await updates from the highly anticipated 3rd plenary meeting to be held this week.

According to data, China's economy grew less than expected in the second quarter due to sluggish real estate, weak domestic demand, and heightened trade friction with Western countries.

Investors are eagerly awaiting the results of an important political meeting to be held in Beijing this week, while traders are looking forward to further stimulus measures to support the economy.

In the US, the market continues to examine the impact of the assassination attempt on US presidential candidate Donald Trump.

Elsewhere, Rio Tinto is partnering with the Ngarma Aboriginal Corporation to develop an 80 MW solar power plant in Australia and supply renewable energy to mining companies in the Pilbara region of Western Australia.