Friday , July 19 2019
Home / Commodity Blog / Iron Ore Continues Decline on Slower Production

Iron Ore Continues Decline on Slower Production

Summary:
Iron ore has extended its decline to over 6% since July 12. The spot price for benchmark 62% fines at the Qingdao port fell by 0.48% to .75 per ton on Wednesday, according to Metal Bulletin. 58% fines decreased by 1.13% to .70 per ton. According to The Steel Index, the spot price for 62% fines deliverable to the Tianjin port closed at .10 per ton, the lowest since July 1. As of July 18, iron ore inventory at 33 major Chinese ports amounted to 100.29 million metric tons, up 3.56 million metric tons from July 11 levels, according to China’s Xinhua News Agency, reported by Steel Orbis. Analysts at Metal Bulletin observed that CISA (China Iron & Steel Association) member mills lowered their crude steel production rates in early July after a rebound in late June. As of July 10, CISA member mills had a total of 13.8 million metric tons of finished steel in their inventories, up 4.3% from June 30 levels. Analysts continue to be concerned with China’s slowing real estate market. The most active September 2016 iron ore contract on the Dalian Commodities Exchange rose by 0.7% to 426.0 yuan. The most actively traded October 2016 steel rebar futures on the Shanghai Futures Exchange were up 2.04% to 2,353 yuan per ton. If you have any questions and comments on the commodities today, use the form below to reply. © BrentLantzy for Commodity Blog, 2016.

Topics:
Brent Lantzy considers the following as important:

This could be interesting, too:

Julien Hall and Jun Kai Heng writes Iron ore’s latest rally comes despite improved supply picture

Emma Slawinski writes Energy and commodity highlights: Tropical storm Barry, UK-Iran tanker spat, Asian LNG demand

Paul Bartholomew writes Steel prices squashed as auto demand and output go into reverse

Emma Slawinski writes Energy and commodities highlights: Steel and sanctions, war on plastic, EU coal power decline

Iron ore has extended its decline to over 6% since July 12.

The spot price for benchmark 62% fines at the Qingdao port fell by 0.48% to $55.75 per ton on Wednesday, according to Metal Bulletin. 58% fines decreased by 1.13% to $43.70 per ton.

According to The Steel Index, the spot price for 62% fines deliverable to the Tianjin port closed at $55.10 per ton, the lowest since July 1.

As of July 18, iron ore inventory at 33 major Chinese ports amounted to 100.29 million metric tons, up 3.56 million metric tons from July 11 levels, according to China’s Xinhua News Agency, reported by Steel Orbis.

Analysts at Metal Bulletin observed that CISA (China Iron & Steel Association) member mills lowered their crude steel production rates in early July after a rebound in late June. As of July 10, CISA member mills had a total of 13.8 million metric tons of finished steel in their inventories, up 4.3% from June 30 levels.

Analysts continue to be concerned with China’s slowing real estate market.

The most active September 2016 iron ore contract on the Dalian Commodities Exchange rose by 0.7% to 426.0 yuan.

The most actively traded October 2016 steel rebar futures on the Shanghai Futures Exchange were up 2.04% to 2,353 yuan per ton.

If you have any questions and comments on the commodities today, use the form below to reply.


© BrentLantzy for Permalink | No comment | Add to

Better Feed from Ozh

Brent Lantzy
Writing is in my DNA. That is, I don’t know why I've always had the inclination to write, or why I’ve always been particularly good at communicating effectively through the written word. It is simply a part of who I am. Now, I’ve turned this skill into a business, lending my best writing efforts to professional projects requiring a unique, creative, and human touch.

Leave a Reply

Your email address will not be published. Required fields are marked *