Iron ore slides toward CNY 700 on demand worries
Iron ore futures decline toward CNY 700/ton near 14-month lows as weak Chinese steelmaker profitability limits demand recovery; July imports fall 4.09% m/m while shipments also ease.
Iron ore futures declined toward CNY 700 per ton, approaching 14-month lows as weak profitability among Chinese steelmakers continues to constrain the potential for a meaningful recovery in ore demand. 5% higher than a year earlier. Meanwhile, slower consumer and producer inflation in China last month pointed to persistent weakness in domestic demand. On the supply side, however, tightening shipments continued to offer some support to prices.
9 million tons.