ShreeMetalPrices: Iron ore price extends losses over slow China’s steel demand


Iron ore prices fell as a result of weak Chinese steel demand statistics.
According to data from consultancy Mysteel, the production of building steel products, such as rebar and wire rod, decreased by 1.05 percent week over week to 4.23 million tonnes in the week ending Apr 6, while the evident demand for both decreased by 6.8 percent week over week to 4.36 million tonnes during the same time period.

Benchmark 62 percent The price per tonne of fe fines imported into North China dropped by 0.45 percent on Thursday to 119.24 dollar, the lowest price since Jan.

At a 2-week low of 793 yuan (115.35 dollar) per tonne, the most actively traded Sept iron ore futures agreement on the Dalian Commodities Exchange (DCE) concluded the day trading 1 percent down.
On Tuesday, China’s NDRC announced that it will tighten market oversight of iron ore and encouraged futures businesses not to purposefully inflate price increases.

Due to a public holiday, the China market was closed on Wednesday.
The performance of the current (steel) demand is what matters most. Iron ore prices may experience further pressure if demand does not increase as anticipated, according to a Shanghai-based iron ore analyst.

Everbright Futures analysts noted in a report that “the (steel) demands has lately been rather weak while output stayed at a higher level, keeping prices under downside pressure.