- Write by:
-
Monday, March 25, 2024 - 21:47:28
-
102 Visit
-
Print
Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese demand. Base metals also fell.
The steelmaking ingredient has swung between gains and losses as investors attempt to gauge what’s next after a 25% slump in prices so far this year. The absence of strong policy signals from Beijing has fueled uncertainty on whether construction activity will pick up.
Iron ore was down 2.6% to $105.75 a ton as of 12:20 p.m. in Singapore, still higher than the nine-month low of $97 that it hit last week.
“Investors are very cautious about the demand outlook,” said Wei Ying, an analyst at China Industrial Futures Ltd. “Prices fall whenever there are signs of demand weakness” and steel-trading volumes in China have faltered again, she said.
Chinese steel consumption has been battered by the nation’s years-long property crisis, and the weak start to 2024 has seen iron ore inventories piling up at ports. The spot price of rebar — a popular construction steel product — is at the lowest in almost seven months.
Aluminum dropped from its highest close since early January on the London Metal Exchange. It fell 0.3% to $2,318 a ton as copper, zinc and nickel also retreated.
“The rally in base metals prices has gone ahead of real demand,” said Jiang Hang, head of trading at Yonggang Resources Co. “Chinese demand has been badly hit after prices rose especially copper.”
Short Link:
https://www.miningnews.ir/En/News/628162
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
No comments have been posted yet ...