Iron ore futures in China fell to their lowest level in six weeks as the expected improvement in demand failed to materialise. The most traded September iron ore contract on the Dalian Commodity Exchange (DCE) fell 2.65% to 116.42 USD. This was recorded as the lowest figure since 17 April. Coking coal rose 0.86% while coke DCJcv1 fell 1.71%.
On the Singapore Exchange, the July iron ore benchmark SZZFN4 fell 3.3% to USD 111.35.
Market analysts attribute the lack of demand in the market to the easing due to seasonal conditions.
On the Shanghai Futures Exchange, low raw material prices also had a negative impact on all steel prices.
In addition, experts expect China's crude steel consumption in 2024 to contract by 1 or 2 per cent year-on-year.
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