Iron ore slides toward CNY 700 as steel demand stays weak
Iron ore futures fall toward CNY 700 per ton near 14-month lows as signs of persistently weak steel demand and abundant global supply weigh on margins and output.
Iron ore futures fell toward CNY 700 per ton, approaching 14-month lows amid signs of persistently weak steel demand and abundant global supply.
Chinese steelmakers continued to face deteriorating margins and a prolonged property sector downturn, weighing on demand for the key steelmaking ingredient.
Industry data showed that China’s daily crude steel output fell 11% in July from the previous month to 2.48 million tons, while daily hot metal production declined 2.2% to 2.2 million tons.
Meanwhile, Australian mining giant Fortescue reported higher annual profit, supported by increased iron ore shipments and stronger realized prices.
The company posted a record annual shipment of 201.3 million metric tons of iron ore.
Elsewhere, Singaporean authorities said they had received reports concerning Radiant World, one of the world’s largest iron ore traders, although no further details were provided.