Iron Ore Slides for Fourth Straight Session
Iron ore futures fell to around CNY 710 per ton, declining for a fourth consecutive session as worsening profitability at steel mills continued to weigh on the demand outlook for the key steelmaking ingredient. Industry data showed that steel mill profitability in China dropped sharply to 7.79% in the latest week, as persistently high coke ...
Iron ore prices tumbled for the fourth straight session, hitting approximately CNY 710 per ton, as declining steel mill profitability dampened demand for the crucial steelmaking component. Chinese steel mill profitability plummeted to 7.79% in the most recent week, as ongoing surging coke prices continued to erode margins. Chinese steel demand further contracted in the third quarter due to a persistent slowdown in construction activity.
Overseas steel demand, while comparatively more robust, exhibited indications of a delayed recovery. Iron ore stockpiles at key Chinese ports experienced a nearly 1% decrease, settling at 151.29 million metric tons last week, providing some alleviation to prices. Importantly, there were also signals of restocking, with steel mills' imported iron ore reserves expanding by 1.41 million metric tons to 90.44 million metric tons over the same timeframe, as reported by Trading Economics.
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