- Write by:
-
Sunday, April 30, 2023 - 00:40:16
-
203 Visit
-
Print
Mining News Pro - Iron ore futures in Singapore were on track for the largest monthly decline since October as demand uncertainties flare, while a top global steelmaker warned conditions will remain tough for the rest of the year.
The steel-making staple has lost almost 17% in April and briefly dipped below $100 a ton earlier this week. China’s weaker-than-expected peak construction season, which runs from April through June, has taken a heavy toll on prices after a bullish start to 2023.
Read More: China’s property pain deflates ‘overhyped’ iron ore market
On Thursday, a China Baowu Steel Group unit said the domestic and global environment for steelmakers remains “severe” and Chinese demand will continue to slow this year. It sounded the alarm after the China Iron & Steel Association said steel firms should curb loss-making output after a period of disappointing demand and falling prices.
Inventory levels at major Chinese mills rose in mid-April compared with early April, while daily production slipped.
Meanwhile, the world’s No. 2 iron ore miner Vale SA said it sees demand growth slightly ahead of supply, adding that its clients are in a “wait-and-see mode” when it comes to China’s property market.
Iron ore was steady at $103.80 a ton as of 3:22 p.m. in Singapore, and the monthly loss was close to October’s 17.7% decline. Futures in Dalian were little changed, while steel futures slipped in Shanghai.
Short Link:
https://www.miningnews.ir/En/News/622879
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports ...
Anglo American’s key South African shareholders are open to a takeover offer from BHP, with some advocating for an ...
Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the ...
Japan’s top steelmaker, Nippon Steel, is sticking to its plan to close a deal by year-end to buy US Steel, which it ...
Anglo American’s key South African shareholders are open to a takeover offer from BHP, with some advocating for an ...
No comments have been posted yet ...