Iron ore prices in China were recorded at the lowest level in more than four months.
The most-traded May iron ore contract on DCIOcv1 on the Dalian Commodity Exchange (DCE) fell 5.41% to 831 yuan ($115.68) per metric tonne. This level is considered as the bottom point since 23 October. Coking coal DJMcv1 fell 2.65% and coke DCJcv1 declined 2.04%.
On the Singapore Exchange, the April iron ore SZZFJ4 benchmark fell 6.71% to $107.45.
Market analysts attribute the fall in iron ore prices to lower-than-expected demand and the negative impact of temporary oversupply on prices.
Moreover, the crisis in China's property sector is still ongoing. Despite various measures taken by the government, no significant recovery has been seen yet.
Negative sentiment was also prevailing at the Shanghai Futures Exchange. Rebar SRBcv1 fell by 2.41%, hot rolled coil SHHCcv1 by 1.95%, wire rod SWRcv1 by 1.62% and stainless steel SHSScv1 by 1.34%.
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