Iron ore price in full retreat as Chinese steel starts to pile up
Iron ore prices fell back on Tuesday after data showed five straight weeks of lower production by Chinese steel mills, which forge more crude steel than the rest of the world combined.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $165.07 a tonne, down 2.4% for its third day of losses in a row.
The steelmaking raw material hit its highest level since September 2011 earlier in January.
Reuters reports capacity utilisation rates at 163 blast furnaces across China fell for five straight weeks to 82.2% last week, according to data from Mysteel consultancy.
That lead to a rise in steel product inventories which had been piling up for a month and in the week to January 21, jumped 6% compared to a week earlier.
The dip in iron ore prices also came despite World Steel Association data released on Tuesday showing global crude production rose 5.8% to 160.9 million tonnes in December from a year earlier, with China accounting for 91.3m tonnes of the total after a 7.7% output jump during the month
source: Mining.com
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Mercuria eyes equity in African assets, new metals boss says
Glencore posts lower metals output for first nine months, reiterates outlook
Gold price surge adds glitter to tarnished miners
Traders see gold as a surefire bet as coin-toss election looms
Anglo American sells Australian coal JV stake for $1.1 billion
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years