The most traded September iron ore contract on the Dalian Commodity Exchange (DCE) fell 2.24% to 741.5 yuan ($102) per metric ton. The May iron ore indicator on the Singapore Exchange decreased by 1.92% to $99.10 per ton.
On Thursday, credit rating agency Fitch lowered its outlook for China’s housing market, expecting a 5% to 10% decline in new home sales in 2024Country Garden, the country’s largest private property developer, postponed the release of its 2023 financial results.
China’s major port stocks of imported iron ore continued to rise, reaching 144.3 million tons on March 28, marking the fourteenth consecutive week of growth. Imports from Brazil also increased by 1.8% compared to the previous week.
Operating rates of blast furnaces in China increased by 0.81% last week. However, other steel production inputs like coking coal and coke experienced declines. Steel indicators on the Shanghai Futures Exchange also dropped: construction steel by 1.32%, hot-rolled coil by 1.81%, galvanized steel by 1.59%, and stainless steel by 0.15%.
The decline in iron ore prices raises concerns for steel production and prices. This downward trend is expected to continue in the near future, potentially impacting steel producers’ profit margins.
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