https://newsletter.en.creamermedia.com
Iron Ore|Mining|Steel
Iron Ore|Mining|Steel
iron-ore|mining|steel

Iron-ore slumps toward $100 as China’s latest fix disappoints

11th November 2024

By: Bloomberg

  

Font size: - +

Iron-ore fell toward $100 a ton as Beijing’s latest efforts to revive the economy left investors disappointed, while an expansion in Chinese port stockpiles highlighted ample supplies.

Futures declined as much as 2% 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 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.

Futures fell 1.3% to $101.20 at 10:17 a.m. in Singapore after losing 2.8% on Friday. In China, yuan-priced contracts in Dalian also dropped, along with steel futures in Shanghai.

Shares of leading iron-ore mining companies dropped in Australia, with BHP Group, Fortescue and Rio Tinto Group all declining.

Edited by Bloomberg

Comments

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/11/2024)
15th November 2024 By: Martin Creamer

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:0.08 0.194s - 190pq - 2rq
Subscribe Now