- Write by:
-
Thursday, August 15, 2024 - 16:52:01
-
54 Visit
-
Print
Iron ore futures prices extended their declines to a fourth straight session on Thursday, hitting their lowest level in more than 14 months, as persistently weak property data in top consumer China exacerbated pessimism over the demand outlook.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 2.09% lower at 703.5 yuan ($98.32) a metric ton.
The contract hit its lowest since May 26, 2023 at 691 yuan a ton earlier in the session.
The benchmark September iron ore on the Singapore Exchange slid 2.81% to $93.5 a ton, as of 0713 GMT, the lowest since November 2022.
Property investment in China fell 10.2% in the first seven months from a year earlier, after dropping 10.1% in January-June. New construction starts measured by floor area fell 23.2% on year, after a 23.7% drop in the first half of the year, official data showed.
The property market remains China’s largest steel consumer despite the sector’s falling share amid the protracted crisis since 2021.
“We think ore prices will have further downside room in terms of valuation given that it has already broken through a key support level of $100 a ton,” analysts at Shengda Futures said in a note.
Steel benchmarks on the Shanghai Futures Exchange posted further losses with sharp price falls souring sentiment, analysts said.
Rebar lost 0.16%, hot-rolled coil fell 1.71%, wire rod dropped 0.83% and stainless steel was flat.
China’s crude steel output in July fell for a second month, declining by 9.5% from June, as many steelmakers carried out maintenance work amid a widening of already negative profit margins.
That brought the total in the first seven months to 613.72 million tons, a year-on-year fall of 2.2%.
Other steelmaking ingredients on the DCE somewhat recovered following sharp declines on Wednesday, with coking coal and coke up 3.52% and 1.18%, respectively.
Short Link:
https://www.miningnews.ir/En/News/628862
Gold swung between small gains and losses, with traders assessing an increasingly uncertain outlook for Federal Reserve ...
China’s exports of rare earths minerals in September fell 11.5% from August, customs data showed on Monday, as rising ...
A squeeze in the London Metal Exchange aluminum market is drawing to a close, bringing relief to sellers who have been ...
China’s iron ore imports in September rose 2.7% from August and climbed 2.9% from the year before, customs data showed ...
China’s imports of unwrought copper rose in September from the prior month, customs data showed on Monday, due to ...
Private equity firm MBK and Young Poong have secured a more than 5% stake in Korea Zinc through a tender offer that ...
Iron ore futures prices rebounded on Friday but logged their first weekly fall in three weeks, as traders cautiously ...
China’s biggest coal miner announced the construction this week of another massive project to supply feedstock for ...
Dalian iron ore futures prices rebounded on Thursday, buoyed by hopes of more fiscal stimulus from top consumer China ...
No comments have been posted yet ...