- Write by:
-
Friday, September 30, 2022 - 14:19:54
-
619 Visit
-
Print
Mining News Pro - Dalian and Singapore iron ore marked their second quarterly losses, despite some gains on Friday, as worries over a stringent zero-covid policy and property sector jitters in top steel producer China continued to dominate markets.
However, hopes of sustained policy support for the ailing Chinese economy and increased construction-related demand for steel lent some support to the steelmaking ingredient.
The most-traded January iron ore on China’s Dalian Commodity Exchange closed 0.1% higher at 721.50 yuan ($101.66) a tonne, off the day’s high of 730.50 yuan.
On the Singapore Exchange, benchmark October iron ore was up 0.6% at $96 a tonne, as of 0747 GMT, below session-high $97.55.
In the spot market, the benchmark 62%-grade iron ore bound for China was somewhat steady this week at around $100 a tonne, down 18% from the previous quarter.
Restocking demand ahead of China’s Golden Week holidays beginning Oct. 1 supported iron ore prices, along with steel mills’ increased consumption of the material, analysts said.
The blast furnace capacity utilisation rate in China rose steadily over the last eight weeks to hit 89.08%, as of Sept. 23, the highest since June, Mysteel consultancy data showed.
Electric arc furnaces’ run rates averaged 52.3% in the three weeks ended Sept. 23, rising from 45.83% as of Sept. 2.
“Replenishment of warehouses before the festival is still in progress,” Zhongzhou Futures analysts said in a note.
But overall Chinese iron ore demand may remain subdued in coming months, especially if Beijing sticks to its zero-covid policy, analysts said.
“It is recommended to be bearish in the medium term,” Zhongzhou analysts said.
Rebar and hot-rolled coil on the Shanghai Futures Exchange both fell 0.9%, while stainless steel climbed 1.1%.
Dalian coking coal and coke shed 0.3% and 0.2%, respectively.
There will be no night trading on Friday on the Dalian exchange.
Short Link:
https://www.miningnews.ir/En/News/622233
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Copper traded near a 15-month high as supply concerns and brighter demand prospects triggered a slew of bullish calls on ...
Rare earths prices in top producer China jumped to their highest in more than seven weeks on Monday on a wave of ...
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and ...
Iron ore’s reset to around $100 a ton is indicative of a broader reshaping of China’s commodities markets that favors ...
No comments have been posted yet ...