Iron ore falls as port arrivals climb and demand stays weak
Most-traded January DCE iron ore fell 0.71% to 699.5 yuan a ton; Singapore October iron ore dropped 0.62% to $94.05.
By Emily Ou Yong SINGAPORE, Sept 29 (Reuters) — Iron ore futures fell for a third straight session on Tuesday, weighed down by rising port arrivals and persistently weak steel demand as the market heads into China's National Day holidays. 32) a metric ton, as of 0300 GMT. 05 a ton. 85 million tons in the week to September 27, data from consultancy Mysteel showed.
While arrivals have fluctuated slightly, they remain high, pointing to no substantial easing of supply pressure, analysts from broker Everbright Futures said in a note. Steel mill profit margins remain at historic lows, leaving insufficient incentive to resume production, the Everbright analysts said, adding that raw material procurement remains cautious and largely limited to immediate needs. Restocking demand has largely run its course, weakening price support, and iron ore prices are likely to stay soft in the near term, said analysts from Shanghai Metals Market in a note. 18%, respectively.
Steel benchmarks on the Shanghai Futures Exchange were mixed. 15% and stainless steel was flat. com;)