The stagnation in steel demand in the Chinese market caused a drop in the country's imported iron ore price again. The iron ore price, which was at 60%, was recorded at $102.85/t CFR with a daily decrease of $4.65.
According to market reports, insufficient news in the steel market and short-term price declines in the market adversely affected this decline.
In April, bank loans in China showed a sharper decline than expected, which increased concerns about the country's economic recovery and put pressure on policymakers to take supportive measures. The downward trend, which was not directed towards the expected improvement in demand, caused disappointment in steel demand during the construction season when steel producers are most active, and led to a decrease in prices.
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