Search
Close this search box.

NEWS

China stainless steel factory

Due to the sustained weakness in the Chinese economy, iron ore prices have plummeted.

On Monday, iron ore futures prices fell for the second consecutive trading day, dropping to the lowest level in over four months, dragged down by the continued weakness in the Chinese steelmaking raw materials market.

The most actively traded May iron ore contract on the Dalian Commodity Exchange (DCE) fell 5.41% during the day, to 831 yuan per ton (115.68 US dollars), the lowest level since October 23, 2023.

As of 0808 Greenwich Mean Time, the benchmark iron ore price for April on the Singapore Exchange fell 6.71% to $107.45 per ton, the lowest level since August 22.

Analysts said that the shipments so far this year have been better than expected, while the demand recovery has been weaker than expected, leading to a temporary supply surplus, which has put enormous downward pressure on prices.

“Global iron ore shipments have risen to a relatively high level. The recent decline in iron ore prices has not prompted non-mainstream suppliers to cut production,” Citic Futures analysts said in a report.

They added: “Some steel mills have once again postponed the resumption of production, suppressing the growth of iron ore demand and port destocking.”

Analysts at Everbright Futures said in a report that the poor profitability of steel companies has weakened their interest in increasing production, and the weakness in the steel market has spread to the upstream raw materials market, putting pressure on iron ore prices.

Other steelmaking raw materials on the Dalian Commodity Exchange also fell, with coking coal and coke falling by 2.65% and 2.04% respectively.

The benchmark prices for steel on the Shanghai Futures Exchange also weakened. Rebar fell by 2.41%, hot-rolled coil fell by 1.95%, wire rod fell by 1.62%, and stainless steel fell by 1.34%.

Despite Chinese regulators urging large banks to increase their support for state-owned real estate developer Vanke, the black metal market remains weak.

As the world’s largest consumer of steel, China’s real estate market has been severely affected by the debt crisis, and despite Beijing’s efforts to revitalize the industry, there have been no signs of significant improvement.

New Center

More Posts

Aluminum Prices Surge to Nearly Two-Year High as Supply Concerns Intensify

Recently, aluminum prices have surged in the global market, reaching a near two-year high. This increase is primarily driven by supply concerns. Global mining giant Rio Tinto has announced a force majeure event on third-party contracts at its alumina refinery in Queensland, Australia, further pushing aluminum prices up. It is understood that Rio Tinto’s alumina

China’s Macro-Economic Optimism Keeps Aluminum Prices in High Volatility

The rise in oil prices and the fall of the US dollar index boosted market bullish confidence, resulting in LME aluminum closing up by 1.28% over the week. Frequent macroeconomic benefits in China supported strong gains in Shanghai aluminum, with aluminum ingot inventories remaining low. Today’s spot aluminum prices are expected to rise. The rise

What are the key technological research and innovations?

The New Science and Technology Progress column of the official website of the China Metal Society published the article “Research and Innovation on Key Technologies of High-Efficiency Low-Carbon High-Air Temperature Hot-blast Stoves” written by Shougang Group Co., Ltd., which introduced the relevant situation of this technology in detail and attracted the attention of the industry.

Nickel prices will continue to fluctuate strongly in May

In April, supported by the resonant rise in non-ferrous metal prices and its own fundamentals, nickel prices rose significantly, with a monthly increase of more than 9%. As the non-ferrous metal sector consolidates, the main contradiction between nickel supply and demand is expected to switch, and nickel prices are expected to continue a strong and

Send Us A Message

CONTACT US

Let's have a chat