Iron ore prices on the Singapore Exchange fell 5.5% to $102.75 a tonne, marking a new low for 2022. On the Dalian Commodity Exchange the iron ore contract was the most traded in September. In 2022, it will decrease by more than 2.6% to CNY 695.50/ton
Iron ore prices on July 15, 2022 on the Singapore Exchange fell more than 5% to near the $100 mark – an eight-month low, on growing concerns that demand for the steelmaking raw material in China will continue to decline in the short term.
The iron ore contract for August delivery on the Singapore Exchange fell 5.5% to $102.75 a tonne in afternoon trade, marking a new low for 2022. The cause was increased market concerns. demand for this key steelmaking material in China will continue to decline in the short term.
“Iron ore prices remain vulnerable to near-term downside risk,” said Daniel Hynes, Senior Commodity Strategist at ANZ. Weaker steel demand from China’s construction sector is a ‘headwind’ for iron ore prices.”
On China’s Dalian Commodity Exchange, the most-traded iron ore contract for September 2022 ended day trading down 2.6% to CNY 695.50 a tonne (103 equivalent). ,21 USD/ton).
Several mills at China’s top steelmaker have shut down production facilities or moved into maintenance earlier than usual to ease the impact of weak demand and high inventories.
It is currently uncertain when these blast furnaces will be restarted, as plants face more turbulence amid COVID-19 restrictions and bad weather.
The average daily crude steel output of member mills of the China Iron and Steel Association for the period from July 1 to July 10 fell to 2.07 million tons. This is down 1.2% (equivalent to 24,300 tons) compared to the last 10 days of June, and 2.9% lower than the level recorded in the same period in 2021.

On the Shanghai exchange, rebar futures fell 1.5%, while hot rolled coil fell 2.8%, both of which fell on Thursday. Stainless steel prices fell 0.5%.
On the Dalian floor, the price of Dalian coking coal was almost flat, while the price of coking coal fell 0.7%.

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