In the market pullback, expectations that possible production cuts in steel production, which could come into effect as of March 4, would slow raw material demand played a role. This situation created pressure on futures contracts, with the contracts losing 0.99% on a weekly basis and 5.86% on a monthly basis.
The April iron ore futures price traded on the Singapore Exchange also showed a 0.22% decline to $98.15 per tonne.
However, high port profit margins in seaborne iron ore and the relatively tight appearance in the spot market were among the factors limiting the decline in prices.
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