China’s iron ore futures fell more than 8% on Thursday, as a sluggish spot market while restrictions on steel output across the country dampened the outlook for reserve demand.
September iron ore (iron ore) prices are still limited, the price of delivery product Super Special Fine was recently lowered to 723 CNY (equivalent to 111.88 USD) per ton.
Iron ore price in September traded around 880 CNY/ton in the morning session.
While China has not eased steel production restrictions yet, mills are not supported to increase inventories in the short term and that could affect the price increase in the long-term contract.
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Iron ore futures fell more than 8% on a lackluster demand outlook.
Iron ore futures on the Dalian Commodity Exchange, for delivery in January, fell 8.1 percent to 763 yuan ($118.07) a tonne, the biggest percentage drop since July 30.
The price of Singapore iron ore for September delivery also plunged, down 6.1% to $143/ton.
Steel prices on the Shanghai Futures Exchange were also affected by the decline in raw materials and unclear economic data.
Used construction rebar price fell 2.2% to CNY 5,215/ton and hot rolled coil price dropped 2.7% to CNY 5,470/ton.
Stainless steel futures on the Shanghai exchange fell 3.3% to 17,700 CNY / ton.
The price of coking coal traded on the commodity floor in Dalian fell 0.3% to 2,454 CNY/ton. Coke futures fell 0.8% to CNY 3,127/ton.
Factory activity in China fell in August for the first time in almost 1-1/2 years as COVID-19 containment measures, supply bottlenecks and high raw material prices hit output. and impact on the economy.
Source: VITIC/Reuters
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