9,006.55 TRY BIST 100 BIST 100
4.84 CNY CNY CNY
34.24 USD USD USD
37.19 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
44.62 TRY Interest Interest
72.99 USD Fossil Oil Fossil Oil
33.70 USD Silver Silver
4.35 USD Copper Copper
103.78 USD Iron Ore Iron Ore
375.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,067.38 TRY Gold (gr) Gold (gr)

Iron ore prices decreased by 10% in October

Iron ore contract prices on the Dalian Commodity Exchange in China and the Singapore Exchange have dropped by 7.7% and 9.8%, respectively.

Iron ore prices decreased by 10% in October

Recently, the global iron ore market has been affected by various economic factors, including China's inadequate production policy and disappointing forecasts for global steel demand. For example, the World Steel Association has revised its short-term forecast for global steel demand in 2024 downwards by 0.9% to 1.75 billion tons. A decline of 3 is expected for China.

Since the beginning of October, prices for iron ore contracts on the Dalian Commodity Exchange in China and the Singapore Exchange have fallen by 7.7% and 9.8% respectively. Investors and analysts have pointed to the lack of growth prospects for the industry, which is causing uncertainty in the steel industry in the medium term. Raw materials have also lost momentum, mainly due to weak steel consumption in China.

However, the situation has changed somewhat in recent weeks. Given the need for economic stability, the People's Bank of China has taken further measures to lower interest rates, which will have a positive impact on short-term forecasts for iron ore demand. Nevertheless, these minor economic stimuli are likely to boost market confidence only temporarily and lead to renewed weakness in supply.

According to the reports, the overall outlook for the coming weeks is mixed. On one hand, potential additional stimulus measures in China could support demand. On the other hand, the global recession and weakness in the steel market may hinder iron ore price growth. Global iron ore exports from January to September 2024 reached 1.2 billion tons, a 5% increase compared to the same period in 2023. Meanwhile, global steel production during this period decreased by 1.5% year-on-year to 1.39 billion tons.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

EU steel pipe production expected to decrease in 2024

Friday, November 1, 2024

CVK Madencilik agreed with the contractor for its new project for 45.6 million TRY

Friday, November 1, 2024

World Container Index increased by 129%

Friday, November 1, 2024

India stands out in the global steel market with its economic growth

Friday, November 1, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now