|
Iron ore futures fell on Thursday following gains earlier this week, as weak China trade data overshadowed a jump in August imports of the steelmaking raw material and a move by state lenders to cut mortgage rates to revive the property sector.
The pullback also came amid market talks about a notice from China’s National Development and Reform Commission to discuss iron ore prices with some futures companies. The state planner has yet to respond to Reuters’ request for comment.
In the absence of a meaningful improvement in domestic steel demand, the price rally in iron ore – from the lows in May – and other steelmaking ingredients has squeezed steel mills’ margins, analysts said.
The most-traded January iron ore on China’s Dalian Commodity Exchange ended daytime trade 1.9% lower at 836.50 yuan ($114.18) per metric ton.
On the Singapore Exchange, the benchmark October iron ore contract was down 1.9% at $114.05 per ton, as of 0742 GMT, after a three-day advance.
Top global steel producer China’s exports and imports extended declines in August due to sagging overseas demand and weak consumer spending at home, although the falls were slower than expected.
Traders shrugged off news that four of China’s major state banks will lower interest rates on existing mortgages for first-home loans.
While China’s policy measures for property developers should provide support to iron ore, an immediate recovery for the sector is not expected, analysts said.
Iron ore prices will probably track lower this month after rising in August, when China ramped up imports of the material amid strong demand ahead of its peak construction season, as the negative steel margins may dampen demand, consultancy Mysteel said.
Steel benchmarks in Shanghai were mostly down. Rebar shed 0.4%, hot-rolled coil dropped 0.7%, wire rod climbed 4.8% and stainless steel lost 0.4%.
Coking coal and coke dropped 0.3% and 0.4%, respectively.
Source: Reuters (Reporting by Enrico Dela Cruz and Amy Lv; editing by Sohini Goswami and Subhranshu Sahu)
金屬展-冶金展-2024廣州巨浪國際金屬暨冶金工業展覽會-巨浪展覽-2024 China(Guangzhou)Int’l Metal &Metallurgy Exhibition
2024金屬展，2024金屬展會，2024金屬展覽會，2024廣州金屬展，2024廣州金屬展會，2024廣東金屬展，2024廣東金屬展會，2024中國金屬展，2024中國金屬展會，2024金屬博覽會，2024冶金展，2024冶金展會，2024冶金展覽會，2024廣州冶金展，2024廣州冶金展會，2024廣東冶金展，2024廣東冶金展會，2024中國冶金展，2024中國冶金展會，2024冶金博覽，2024鋼鐵展，2024鋼鐵展會，2024鋼鐵展覽會，2024廣州鋼鐵展，2024廣州鋼鐵展會，2024廣東鋼鐵展，2024廣東鋼鐵展會，2024中國鋼鐵展，2024中國鋼鐵展會，2024鋼鐵博覽會，2024金屬冶金展，2024金屬冶金展會，2024金屬冶金展覽會，2023廣州金屬冶金展，2024廣州金屬冶金展會，2024廣東金屬冶金展，2024廣東金屬冶金展會，2024中國金屬冶金展，2024國金屬冶金展會，2024金屬冶金博覽會-steel Industry Exhibition,steel expo, 2024 steel exhibition, 2024 steel expo, China steel exhibition, China steel expo, steel Industry event,steel event, 2024 steel event, China steel event,metal Industry Exhibition,metal expo, 2024 metal exhibition, 2024 metal expo, China metal exhibition, China metal expo, metal Industry event,metal event, 2024 metal event, China metal event,metallurgy Industry Exhibition,metallurgy expo, 2024 metallurgy exhibition, 2024 metallurgy expo, China metallurgy exhibition, China metallurgy expo, metallurgy Industry event,metallurgy event, 2024 metallurgy event, China metallurgy event
|
