Industry News

China iron ore futures fall as utilisation rates slip for seventh week

Views : 190
Update time : 2021-12-03 17:56:03

Benchmark iron ore futures in China dropped on Friday, shedding more than 5% during the trade, as production at steel mills stayed sluggish amid government curbs.

Capacity utilisation rates of blast furnaces at 247 steel firms across China declined for the seventh straight week and stood at 74.8%, as of Friday, down from 75.2% a week earlier, according to Mysteel consultancy.

Benchmark iron ore futures on the Dalian Commodity Exchange , for May delivery, plunged as much as 5.5%, but ended down 2.1% to 613 yuan ($96.23) per tonne. For the week, however, iron ore jumped 6.4%.

Spot prices of iron ore with 62% iron content for delivery to China fell $1 to $104.5 a tonne on Thursday, data compiled by SteelHome consultancy showed.

Prices for other steelmaking ingredients at close recouped early losses, after media outlet Caixin said China's state planner considers to raise benchmark coal prices for long-term contracts to 700 yuan per tonne in 2022 from 535 yuan.

Dalian coking coal futures rose 1% to 1,986 yuan a tonne at close, after falling more than 6.5% earlier.

Related News
Read More >>
South Africa launches critical minerals strategy, opens new mining law for public comment South Africa launches critical minerals strategy, opens new mining law for public comment
May .22.2025
South Africa launches critical minerals strategy, opens new mining law for public comment
China's iron ore production declines in Jan-Apr China's iron ore production declines in Jan-Apr
May .22.2025
China's iron ore production declines in Jan-Apr
US’ steel coil exports go up in Mar US’ steel coil exports go up in Mar
May .22.2025
US’ steel coil exports go up in Mar
US increases CRC imports in Mar US increases CRC imports in Mar
May .22.2025
US increases CRC imports in Mar