Iron ore prices on July 13, 2022 on the Dalian Exchange and the Singapore Exchange both fell due to concerns about weak demand in China, with the announcement of the government planner about plans to build more more roads in the near future.
Iron ore contract for September delivery on China’s Dalian Exchange, fell as much as 4.7% to CNY 709/ton ($105.38/ton) – the lowest level since July 6. Earlier in the session, the iron ore contract fell 3.5% to 718CNY/ton.
On the Singapore Exchange, the August 2022 iron ore contract fell 2.4% to $107.40 a tonne, after falling to a year-to-date low of $105.80 a tonne earlier.
China aims to build a total of 461,000km of national roads by 2035, up from 382,000km by the end of 2021, while also doubling infrastructure support to revive the economy.
Data on Monday (July 11). driving the ferrous metal futures market in the world’s largest steel producer.
Beijing is reportedly considering allowing local governments to sell 1.5 trillion yuan ($220 billion) of special bonds in the second half of this year to further boost infrastructure funding. floor.
Even so, worries about the reoccurrence of COVID-19 restrictions and weak profitability at steel mills in China continue to overshadow reports of an economic stimulus package and pledges to support economic growth. previous policy support from Beijing.
Source: VINANET/VITIC/Reuters
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