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Iron ore price falls on worries of steel output cut in China www.mining.com
Iron ore prices fell on Monday as expectations of steel output cuts in China and weakness in the country’s property segment weighed on sentiment.
According to Fastmarkets, benchmark 62% Fe fines imported into Northern China fell 2.26% on Monday, to $103.01 per tonne, the lowest since May.
The most-traded January iron ore on China’s Dalian Commodity Exchange dipped 0.4% to 725 yuan ($99.88) per metric ton.
On the Singapore Exchange, the benchmark September iron ore contract slumped 2.4% at $100.3 metric ton, as of 0730 GMT, shedding gains from the prior session.
The Singapore contract earlier dipped below the psychological threshold to $99.90.
“[Citi’s] industry discussions suggest that crude steel control targets will likely be finalized by August 15, and local governments and mills could make their own production control plans thereafter,” the bank said in a note, mirroring earlier concerns from the southwestern Yunnan province.
“This is supportive of steel margins, but likely has negative implications for iron ore. However, the actual impact will still depend on how local governments enforce cuts amid the weak macro environment,” the analysts added.
Lackluster Chinese demand and property market deterioration also added pressure.
China’s new bank loans tumbled in July and other key credit gauges also weakened despite policymakers cutting interest rates and vowing to roll out more support for the faltering economy.
Chinese property giant Country Garden’s debt problems deepened after its onshore bonds were suspended, sending its shares plunging 16% to a record low on Monday.
($1 = 7.2585 yuan)
(With files from Reuters)
Published Date:2023-08-15
