https://newsletter.en.creamermedia.com
Coal|Construction|Iron Ore|Stainless Steel|Steel|Products
Coal|Construction|Iron Ore|Stainless Steel|Steel|Products
coal|construction|iron-ore|stainless-steel|steel|products

Iron-ore retreats as mounting concerns on weakening steel demand weigh

22nd October 2024

By: Reuters

  

Font size: - +

BEIJING - Prices of iron-ore futures fell on Tuesday, weighed down by concerns that demand for the key steelmaking raw material will slide, with steel demand in top consumer China showing signs of softening.

The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 surrendered some earlier losses to end daytime trade 0.52% lower at 762 yuan ($107) a metric ton.

The benchmark November iron ore SZZFX4 on the Singapore Exchange was 0.98% lower at $100.8 a ton, as of 0722 GMT.

It fell below the key psychological level of $100 a ton to hit an intraday low at $99.8 earlier in the session.

Transaction volumes of construction steel products slipped nearly 8% from the day before to 122,500 tons on Monday, data from consultancy Mysteel showed.

Steel benchmarks on the Shanghai Futures Exchange fell. Rebar SRBcv1 shed 0.15%, hot-rolled coil SHHCcv1 lost 0.82%, wire rod SWRcv1 slid 3.04% and stainless steel SHSScv1 fell 1.37%.

"After macro sentiment temporarily cooled, speculative demand has decreased significantly while the recovery of rigid demand is limited," analysts at First Futures said in a note.

"Rebar is likely to build up inventories in November when demand will be weighed with weather getting colder (in the northern regions)."

Beijing has unveiled a raft of stimulus measures since late September to spur the economy and arrest price and sales slump in its property market.

That had lifted sentiment in the commodities markets, pushing iron ore and steel prices higher by 12% and 6%, respectively.

Other steelmaking ingredients on the DCE lost ground, with coking coal DJMcv1 and coke DCJcv1 down 1.22% and 0.75%, respectively.

Despite broad loss in the ferrous market, some analysts believe prices will move within a relatively narrow range as the market awaits further signals from an important meeting which will possibly be held later this month.

Edited by Reuters

Comments

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine video image
Magazine round up | 29 November 2024
29th November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:1.861 1.966s - 192pq - 2rq
Subscribe Now