Industry News

Iron ore price drops as steel output control dampens demand

Views : 233
Update time : 2021-07-22 18:22:22

Iron ore prices fell on Wednesday on cooling demand as mills controlled their crude steel production, while arrivals of the steelmaking ingredient increased.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $214.79 a tonne on Wednesday, down 3.1% from Tuesday’s closing.
The most-traded iron ore futures on the Dalian Commodity Exchange for September delivery, declined 3.9% to 1,174 yuan ($181.33) per tonne at close.

The dollar also climbed, reducing the appeal of raw materials priced in the currency.

Some steel producers in China’s Jiangsu, Fujian and Yunnan provinces were told by the government to cut production as the country aims to keep its annual output no higher than it was in 2020.

Meanwhile, iron ore arrivals in China recovered last week. Portside inventories of the ingredient rose for the third week and stood at 127.34 million tonnes as of July 18, according to SteelHome consultancy.

Related News
Read More >>
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Mar .12.2025
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Mar .12.2025
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they? Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
Mar .12.2025
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
International crude oil prices increase on Mar 11 International crude oil prices increase on Mar 11
Mar .12.2025
International crude oil prices increase on Mar 11