- Write by:
-
Tuesday, April 12, 2022 - 13:05:46
-
680 Visit
-
Print
Mining News Pro - The iron ore price fell on Monday, tracking lower raw material prices as still stringent covid-19 related measures in China dented market sentiment and fuelled worries that the recovery in the world’s second-largest economy might lose steam.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $150.65 a tonne during morning trading, down 2.23% compared to Friday’s closing.
“Previous market expectation was that the (steel) demand would be postponed but not absent,” analysts with GF Futures wrote in a note.
“But as the current pandemic is continuously spilling over, there’s a relatively big uncertainty in its disruptions to the economy,” said the note, adding that the consumption in April and May could be pressured.
China’s financial hub, Shanghai, which had started lockdown at the end of March, has reported around 180,000 locally transmitted infections between March 1 and April 9, of which 96% were asymptomatic.
“China’s covid outbreaks, associated lockdowns, and the government’s handling of them will likely continue to dominate sentiment and direction for iron ore futures in the near term,” said Atilla Widnell, managing director at Navigate Commodities in Singapore.
Short Link:
https://www.miningnews.ir/En/News/621045
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Copper traded near a 15-month high as supply concerns and brighter demand prospects triggered a slew of bullish calls on ...
No comments have been posted yet ...