BEIJING: Dalian and Singapore iron ore futures fell for a second session on Tuesday, pressured by higher shipments, weak steel demand in the traditionally peak construction season and lingering concerns about government intervention. “The current apparent (steel) demand is weaker than expected, putting downward pressure on the raw materials market,” said a Tianjin-based iron ore analyst.
Market talks that China’s National Development and Reform Commission met with several futures companies in Beijing on Monday to discuss the iron ore market, have raised fears of more government action against hoarding and speculative activities, said analysts. The most-traded May iron ore futures contract on the Dalian Commodity Exchange (DCE) ended daytime trading 2.06% lower at 881.5 yuan ($128.10) a tonne, the lowest since March 28.
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