Iron ore futures decreased after the Chinese New Year holiday.
Tariffs imposed on commodities were also reflected as a decline in ore prices. An additional 10% tariff imposed by the US on all products imported from China was put into effect on Tuesday. Trade between the two countries remains tense.
In addition, some sources report that growth in China's manufacturing factories has also slowed.
On the Dalian Commodity Exchange (DCE), the most traded May iron ore contract was recorded at USD 110, a decrease of 0.99%. Coke DJMcv1 and cokeDCJcv1 were down 3.17% and 3.58%, respectively.
On the Singapore Exchange, the March iron ore SZZFH5 index decreased by 1.09% to 103.9 USD.
Prices were generally lower on the Shanghai Futures Exchange. Rebar SRBcv1 decreased by 1.51%, hot rolled coil SHHCcv1 by 1.64% and wire rod SWRcv1 by 1.09%, while stainless steel SHSScv1 rose by 1%.
Rio Tonto also announced that it has started to clear iron ore ships from two ports in Western Australia following two tropical cyclones.
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