- Write by:
-
Monday, April 22, 2024 - 22:43:41
-
117 Visit
-
Print
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer China, high portside stocks, and risks of possible government intervention after a price rally last week.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.06% lower at 866.5 yuan ($119.63) a metric ton, following a rise of more than 5% last week.
The benchmark May iron ore on the Singapore Exchange was 0.34% lower at $116.05 a ton, as of 0705 GMT.
Iron ore prices will likely consolidate in the near term as uncertainty lingers on how much hot metal output can rise further, analysts at Everbright Futures said in a note.
“The main driving force behind a price rebound last week was the macroeconomic factor and marginally improved fundamentals,” they said, referring to improved steel margins and market confidence and continuous destocking of steel products, among others.
China left benchmark lending rates unchanged at a monthly fixing, in line with market expectations, as better-than-expected first-quarter economic data removed the urgency for Beijing to unveil fresh monetary stimulus to aid the economic recovery.
Iron ore stocks at major ports surveyed climbed by 0.5% week-on-week to 145.59 million tons as of April 19, data from consultancy Mysteel showed.
Other steelmaking ingredients on the DCE also retreated, with coking coal and coke down 0.86% and 0.73%, respectively.
Steel benchmarks on the Shanghai Futures Exchange were mostly lower. Rebar dipped 0.22%, hot-rolled coil shed 0.65%, wire rod fell 0.83%, and stainless steel edged down 0.21%.
Analysts at Guotai Junan Securities expect China’s crude steel output in 2024 to be lower than the 2023 level and steel consumption to fall further, dragged down further by the struggling property sector.
Short Link:
https://www.miningnews.ir/En/News/628276
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
Around $7 billion of infrastructure investments in the Democratic Republic of Congo by Chinese companies in a revised ...
China’s leading metals companies, including its state iron ore buyer, are considering their next moves following BHP ...
BHP Group (ASX: BHP) has deployed a senior team including its chief executive officer to South Africa as the world’s ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
Jiang Weiping, the founder of major Chinese lithium producer Tianqi Lithium Corp., resigned as chairman after the ...
BHP Group Ltd.’s proposal for Anglo American Plc to spin off platinum and iron ore units before a takeover would likely ...
Iron ore will average more than $100 a ton this year as the worldwide market remains tight, despite China’s property ...
Iron ore futures prices fell on Monday after weak industrial data in top consumer China and the completion of of ...
No comments have been posted yet ...