Industry News

China’s steel crisis drives iron-ore to worst week since March

Views : 81
Update time : 2024-09-06 16:23:38

“There is no significant improvement in demand for steel products, so there’s little room for steel mills to resume production,” Zhang Shaoda, an analyst with China Futures Co., said by email. “The downward trend for iron ore is expected to continue.”

Steel consumption in China has weakened because of the country’s protracted real estate slowdown. While exports and growth in other sectors are softening the blow, cuts to steel output have left the iron ore market saddled with excess supply.

Singapore futures for iron ore were little changed at $91 a ton as at 10:10 a.m. local time, after posting the lowest close since 2022 on Thursday. They fell more than 10% over the previous five sessions.

Related News
Read More >>
China's primary aluminum imports decline, exports surge in May China's primary aluminum imports decline, exports surge in May
Jun .26.2025
China's primary aluminum imports decline, exports surge in May
Taiwan's Yusco expects environmental issues to drive stainless steel demand Taiwan's Yusco expects environmental issues to drive stainless steel demand
Jun .26.2025
Taiwan's Yusco expects environmental issues to drive stainless steel demand
LME nickel returns to $15,000 level on expected Fed interest rate cut LME nickel returns to $15,000 level on expected Fed interest rate cut
Jun .26.2025
LME nickel returns to $15,000 level on expected Fed interest rate cut
Fujian Tsingtuo Special Steel achieves global first in stainless plate manufacturing with three-hot integration mode Fujian Tsingtuo Special Steel achieves global first in stainless plate manufacturing with three-hot integration mode
Jun .26.2025
Fujian Tsingtuo Special Steel achieves global first in stainless plate manufacturing with three-hot integration mode