Industry News

Iron ore tests $US100 after China’s latest fix fizzer

Views : 83
Update time : 2024-11-11 16:32:25

Futures declined as much as 2 per cent in Singapore after slumping on Friday, when the Chinese government unveiled a debt-swap plan but stopped short of measures to directly boost domestic demand, including in the beleaguered property sector.

The steel-making staple has retreated by more than a quarter this year, hurt by China’s property slump and signs that miners are boosting production. With mills in the top producer struggling to sell steel domestically given the weak demand, exports of the alloy surged to the highest level since 2015 last month.

Port holdings of iron ore in China have expanded for the past four weeks to the highest level since early September. On a seasonal basis, the inventories are at their biggest ever for this time of year.

Iron ore futures fell 1.7 per cent to $US100.85/t at 10.45am after losing 2.8 per cent on Friday. In China, yuan-priced contracts in Dalian dropped 2.3 per cent, and steel futures in Shanghai also declined.

Related News
Read More >>
Trump’s shock steel tariff hike ripples across global markets Trump’s shock steel tariff hike ripples across global markets
Jun .03.2025
Trump’s shock steel tariff hike ripples across global markets
Weak domestic demand affected most PMI of downstream aluminium processing, with significant structural differentiation Weak domestic demand affected most PMI of downstream aluminium processing, with significant structural differentiation
Jun .03.2025
Weak domestic demand affected most PMI of downstream aluminium processing, with significant structural differentiation
Profitability improves: China's operating alumina capacity in metallurgy expected to rebound in June Profitability improves: China's operating alumina capacity in metallurgy expected to rebound in June
Jun .03.2025
Profitability improves: China's operating alumina capacity in metallurgy expected to rebound in June
GBC to supercharge Ghana’s domestic alumina industry with its upcoming Awaso refinery GBC to supercharge Ghana’s domestic alumina industry with its upcoming Awaso refinery
Jun .03.2025
GBC to supercharge Ghana’s domestic alumina industry with its upcoming Awaso refinery