Industry News

Iron ore futures weaken

Views : 103
Update time : 2024-04-23 18:53:01

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.06% lower at 866.5 yuan ($119.63) a metric ton, following a rise of more than 5% last week. The benchmark May iron ore on the Singapore Exchange was 0.34% lower at $116.05 a ton, as of 0705 GMT.

Iron ore prices will likely consolidate in the near term as uncertainty lingers on how much hot metal output can rise further, analysts at Everbright Futures said in a note.

“The main driving force behind a price rebound last week was the macroeconomic factor and marginally improved fundamentals,” they said, referring to improved steel margins and market confidence and continuous destocking of steel products, among others.

China left benchmark lending rates unchanged at a monthly fixing, in line with market expectations, as better-than-expected first-quarter economic data removed the urgency for Beijing to unveil fresh monetary stimulus to aid the economic recovery.

Iron ore stocks at major ports surveyed climbed by 0.5% week-on-week to 145.59 million tons as of April 19, data from consultancy Mysteel showed.

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