Iron ore for May delivery on the Dalian Commodity Exchange fell 1.5 percent to end at CNY 510 a tonne
 
On the Singapore Exchange, the December iron ore contract slipped 0.3 percent to USD 76.74 a tonne.
 
Traders said that the closure of several steel mills near the capital Beijing for the Asia Pacific Economic Cooperation meeting has also limited buying activity for spot cargoes. The mills, including those in top producing Hebei province have been shut to cut smog before leaders, including US President Mr Barack Obama, attend the November 5th to 11th 2014 APEC summit. A Hong Kong based iron ore trader said that "They're not all gone, the mills, but the interest is towards mainstream cargoes and they want to buy cheap given there's a lot of supply around referring to cargoes from top suppliers Australia and Brazil. Obviously, traders' margins have gone down. You can't make USD 10 out of every cargo now."
 
There was more evidence of weakness in China's economy on Wednesday as growth in its services sector slowed to a three-month low in October

The most traded May rebar contract on the Shanghai Futures Exchange dropped 1.5 percent to close at CNY 2,513 a tonne