Influenced by the demand outlook in China, iron ore futures traded in Singapore fell more than 3 percent to $105 per tonne. Last week, more than 7 percent decline was seen in iron ore prices.
The weak course of demand had been putting pressure on iron ore prices for a while. On the supply side, the horizontal course of production of Fortescue Metals Group, the world's fourth largest iron ore miner, drew attention.
It is observed that concerns about China's economic recovery path have an effect on iron ore prices. According to the assessments made by Huatai Futures, production as of this week
Despite the expectation of stockpiling raw materials at its facilities, it is observed that demand seems calm. It is considered that this situation limits profitability and this may have a negative impact on production.
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