China’s iron ore prices fell about 7% on May 10, 2022, falling for the second consecutive session and steel prices down nearly 4%, as Covid-19 restrictions made traders cautious and concerned about demand. global demand.
China’s iron ore imports in April fell nearly 13% to 86.06 million tons from the same month in 2021 as suppliers had to deal with disruptions from the Covid-19 epidemic.
The price of iron ore for September delivery on the Dalian Commodity Exchange sometimes fell about 7% to 796 CNY (equivalent to 118.45 USD)/ton, and closed down 5.8% to 807 CNY/ton.
China – The world’s top consumer of iron ore consumed 86.06 million tonnes of the material in April, 12.7% less than a year earlier, suggesting increasingly weak activity is underway. in the country’s steel industry.
On the Shanghai futures exchange, falling raw material prices also put pressure on steel prices.
Bar steel for October delivery fell 3.7% to 4,654 CNY/ton. Hot rolled coil price also fell 3.7% to CNY 4,748/ton. The price of stainless steel for June futures increased by 1.2% to 19,320 CNY/ton.
Production by miners, including BHP, Rio and Fortescue Metals in Australia, has been disrupted by supply chain problems and labor shortages caused by the pandemic, while Brazil’s Vale has also been disrupted. weather problems.
Besides, the pandemic is also restricting the transportation of raw materials and products of steel mills, constraining their demand.
According to the Chinese customs authority, from January to April, China imported 354.4 million tons of iron ore, down 7.1% year on year.
China exported 4.98 million tons of steel in April, up from 4.95 million tons in March but much lower than 7.97 million tons a year earlier, when traders increased exports. shipments before eliminating most steel export tax rebates.
Customs data showed that steel imports in April stood at 956,000 tons, falling below 1 million tons amid higher overseas prices.
Source: VINANET/VITIC/Reuters
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