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China’s most-traded iron ore futures contract on the Dalian Commodity Exchange, for September delivery, slid more than 2.5% to hit 676 yuan per tonne at one point on Wednesday night, after diving 4.6% to drop below 700 yuan per tonne mark in the previous session.
The benchmark June contract of iron ore futures in Singapore extends loss to more than 5% to hit $94.85 per tonne.
The total inventory of imported iron ore at China’s 45 major ports reached 127.79 million tons this week, rising by 370,000 tons from the previous week, according to consultancy Mysteel.Â
On the supply, the shipping volume from Australia and Brazil showed a slight rebound last week, while the arrival volume declined, while on the demand side, steel mills’ output of melton iron increased slightly, it said.
Given the current weak downstream demand, steel production is still facing pressure and iron ore prices are expected to fluctuate and consolidate in coming days, it said, adding that the pace of steel mill production cut and resumption should be closely watched.
