Industry News

Bearish demand expectations challenge iron ore's price resilience

Views : 95
Update time : 2024-02-29 17:49:07

Iron ore prices, long resilient despite China's gloomy economic outlook, have tumbled since the end of the Lunar New Year holiday, sparking concerns around faltering demand and denting mining stocks in top producer Australia.

Prices have fallen by nearly 8 per cent since China, the world's biggest consumer of the key steelmaking ingredient, returned to work on Feb. 19, pressuring Australian mining stocks to four-month lows on Tuesday.

Even Beijing's biggest-ever cut in the benchmark mortgage rate to revive the ailing property market failed to support prices, which typically get a boost from such stimulus.

The declining prices aren't necessarily bringing much relief to steelmakers, either, as many of them are still using stocks bought at higher prices even as steel prices have dropped.

China is by far the world's top steel producer.

Related News
Read More >>
Vale Q1 Revenues & Earnings Miss Estimates on Lower Iron Ore Prices Vale Q1 Revenues & Earnings Miss Estimates on Lower Iron Ore Prices
Apr .29.2025
Vale Q1 Revenues & Earnings Miss Estimates on Lower Iron Ore Prices
Brazil's steel imports may break Mar record in Apr Brazil's steel imports may break Mar record in Apr
Apr .29.2025
Brazil's steel imports may break Mar record in Apr
Nickel prices surge as LME inventories decline & US-China trade tensions ease Nickel prices surge as LME inventories decline & US-China trade tensions ease
Apr .29.2025
Nickel prices surge as LME inventories decline & US-China trade tensions ease
Hydro & Wilson collaborate on wind-powered shipping for greener aluminum logistics Hydro & Wilson collaborate on wind-powered shipping for greener aluminum logistics
Apr .29.2025
Hydro & Wilson collaborate on wind-powered shipping for greener aluminum logistics