Industry News

Iron ore dips on clouded China demand outlook

Views : 174
Update time : 2022-07-21 21:49:05

July 21 (Reuters) - Dalian and Singapore iron ore futures dropped on Thursday, as investors shifted their focus back to gloomy China demand outlook after a short-lived boost from the latest government rhetoric on economic stimulus.

The most-traded iron ore, for September delivery, on China's Dalian Commodity Exchange DCIOcv1 ended daytime trade 0.3% down at 657 yuan ($97.15) a tonne, after earlier touching 646.50 yuan.

On the Singapore Exchange, the steelmaking ingredient's front-month August contract SZZFQ2 was down 0.6% at $98.85 a tonne, as of 0708 GMT.

Concerns remain over COVID-19 lockdowns in China, the world's top steel producer, and their impact on demand for steel products and raw materials despite the goverment's oft-repeated pledge of policy support for the struggling economy.

The southern megacity of Shenzhen vowed to curb a slowly spreading outbreak, as authorities adhere to China's unique "zero-COVID" policy.

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