China’s iron ore prices hit a nine-month low on Thursday as the top producer’s steel output continued to decline, raising concerns about raw material demand.
Data from the National Bureau of Statistics showed that China’s monthly crude steel output fell for the third consecutive month to 83.24 million tons in August, bringing the average daily output to the lowest level since. from March 2020.
The most-traded iron ore price on the Dalian Commodity Exchange, for January delivery, fell 4.3% to CNY 683 ($106.02) a tonne, the lowest since December 9, 2020. .
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Iron ore falls to nine-month low as China’s steel output falls.
The spot price of iron ore with 62% iron content for China fell $2 to $125/ton.
However, the price of other steelmaking materials increased because the supply was still scarce.
Coke futures in Dalian rose 1.1% to CNY 2,765/ton and coking coal rose slightly 0.8% to CNY 3,404/mt.
China’s coke production in August stood at 39.67 million tons, down 5% year-on-year.
Global commodity prices remain high and future trends remain uncertain despite recent declines.
On the Shanghai futures exchange, the price of used rebar fell 0.6% to 5,567 CNY/ton.
Hot rolled coil price fell 0.2% to 5,754 CNY/ton. Stainless steel futures prices rose 3.4% to 19,610 CNY/ton.
According to the statistics agency, the country’s real estate investment in August increased by 0.3% from a year 2020, the slowest growth rate in 18 months, while investment in fixed assets in 8 months. the first month of the year increased by 8.9.
Source: VITIC/Reuters
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