China’s iron ore futures tumbled anther 4% to hit three-month low, approached 600 yuan/tonne mark
China’s iron ore futures tumbled anther 4% to hit three-month low, approached 600 yuan/tonne mark

China’s iron ore futures tumbled anther 4% to hit three-month low, approached 600 yuan/tonne mark

 

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China’s iron ore futures continue to decline on Monday amid expectation of weak demand, with the most-traded iron ore futures contract on the Dalian Commodity Exchange, for January 2023 delivery, tumbles by more than 4.1% to close at 606.5 yuan per tonne mark, the lowest level since mid-July.

The Purchasing Managers’ Index (PMI) for China’s steel industry fell to 44.3% in Oct, falling by 2.3 percentage points from the previous month, ending a two-month recovering streak and remaining in a contractionary territory, according to the official index compiler – CFLP Steel Logistics Professional Committee (CSLPC).

As of the October 29, the iron ore price index compiled by commodity price consultancy 100PPI fell by 3.06% from the previous month.

Data from the China Iron and Steel Association showed that the country’s steel output fell 3.4% year over year in the Jan – Sept period and steel prices slid 11.4%. Read more …

Inventories of imported iron ore at China’s 45 major ports stood at 129.4 million tonnes as Oct 28, rising by 314,600 tonnes from the previous week, and the average daily discharge of iron ore from the port was 3.08 million tonnes, rising by 92,100 tonnes from the previous week, showed the data.