Iron ore price reverses to losses as weakening China steel consumption drags
me-metals: Iron ore futures prices fell on Thursday, reversing from earlier gains, with weakening downstream steel consumption dampening sentiment and investors hungry for clues on details about anticipated stimulus from top consumer China.
According to me-metals cited from mining.com, The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.06% lower at 776.5 yuan ($106.38) a metric ton. It hit 787 yuan earlier in the session, its highest since Dec. 18.
Apparent consumption of five major steel products slipped by 2.1% week-on-week to around 8.53 million tons as of Dec. 26, after falling 1.2% last week, data from consultancy Mysteel showed.
Earlier in the day, prices found support from lingering expectations of Beijing unveiling more stimulus and persistent pre-holiday restocking from Chinese steel mills.
China’s efforts to stabilise and prevent further declines in its real estate market will continue in 2025, China Construction News reported, citing the housing regulator’s conference on Tuesday and Wednesday.
“Steelmakers continued to replenish feedstocks, with inventories of imported iron ore at mills increasing further,” analysts at Sinosteel Futures said in a note.
“Supply is expected to seasonally slow in January, which will help ease the pressure of high portside stocks.”
The Chinese New Year starts from Jan. 28 and domestic steelmakers usually build up stock ahead of that to meet production needs during and after the holidays.
($1 = 7.2991 Chinese yuan)
source: mining.com
Related News
Eighteen Hours ago
Top News
Iron ore price weakens as Australia flags return to sub-$100 prices
Mercuria partners with Zambia on metals trading venture
Triple Flag to acquire royalty on Tres Quebradas lithium project
Lure of Anglo’s copper mines could test BHP’s spending resolve
Canada invests $70m in Seymour Lake lithium project in Ontario
Petra Diamonds cuts forecasts, jobs amid market weakness
Gold price steadies as traders focus on uncertain 2025 rate path
Nigeria resumes mining in Zamfara state on improved security
Tiny but vital metal markets rush to adjust to Chinese clampdown
Congo frees most of Chinese men held for illegal mining
Iron ore price reverses to losses as weakening China steel consumption drags
Gold price firms in holiday-thinned trade, spotlight on Fed and Trump policies
A STEP FORWARD TOWARDS SAFETY
Sovel contracts Danieli Automation for bar mill upgrading
How the Trump administration can support lithium independence
Gemfields says unrest could disrupt Mozambique ruby mine
Iron ore price rises on pre-holiday restocking, China stimulus hopes
Canada invests $70m in Seymour Lake lithium project in Ontario
Solar, EVs and a big exit from coal: 2024’s good climate news
Gold price steadies as traders focus on uncertain 2025 rate path
Congo frees most of Chinese men held for illegal mining
Iron ore price reverses to losses as weakening China steel consumption drags
Gold price firms in holiday-thinned trade, spotlight on Fed and Trump policies
Sovel contracts Danieli Automation for bar mill upgrading
How the Trump administration can support lithium independence
Gemfields says unrest could disrupt Mozambique ruby mine
Iron ore price rises on pre-holiday restocking, China stimulus hopes
Canada invests $70m in Seymour Lake lithium project in Ontario
Solar, EVs and a big exit from coal: 2024’s good climate news