Industry News

Iron ore futures drift lower

Views : 87
Update time : 2023-10-16 17:58:10

Hopes of additional economic stimulus by Beijing, and data showing the country’s exports and imports in September contracting at a slower pace, helped limit losses in what has been a subdued week for iron ore.

Iron ore’s benchmark November contract on the Singapore Exchange was down 0.8% at $113.75 per metric ton, as of 0319 GMT, shedding 1% so far this week but bouncing off Tuesday’s six-week low of $109.25.

The most-traded January iron ore on the Dalian Commodity Exchange rose 0.7% to 836 yuan ($114.45) per ton. The Chinese benchmark, however, has dipped 1.8% since trading resumed after this month’s Golden Week holiday.

“Several mills are proposing additional maintenance programs amid weak demand following the Golden Week holiday. This could see the prospect of steel production cuts during winter,” ANZ analysts said in a note.

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