Industry News

Iron ore price extends decline as China demand slumps

Views : 141
Update time : 2023-04-25 17:08:20

The iron ore price was the lowest since November on Monday as weak steel demand in China prompted a production slowdown.

Benchmark 62% Fe fines imported into Northern China fell 4.14%, to $105.84 per tonne.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange ended daytime trade 3.1% lower at 721.50 yuan ($104.69) a tonne. It earlier dropped to 715.50 yuan, its weakest since December 21.

“Despite the construction season underway (in China), steel prices have continued to fall amid weak demand and rising inventories,” ANZ commodity strategists said in a note.

More than 40% of steel furnaces in Tangshan, China’s largest steel-producing city in Hebei province, have gone into maintenance, reducing iron ore demand, they said.

“There were promising signs of better production discipline among Chinese rebar producers over the past week as mills began reacting to highly negative margins,” Atilla Widnell, managing director at Navigate Commodities, said.

Iron ore has also lost support from the supply side.

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