AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)

BEIJING: Iron ore futures prices extended losses for a sixth consecutive session on Thursday, as lacklustre pre-holiday restocking by steelmakers in top consumer China weighed on sentiment.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) was down 1.43% at 962.5 yuan ($134.44) a metric ton, as of 0215 GMT.

The benchmark February iron ore on the Singapore Exchange dipped 0.21% to $132.55 a ton. “Sentiment soured after hot metal output so far in January failed to pick up as expected,” said a China-based trader, requesting anonymity as he was not authorised to speak to media. “Steelmakers typically prefer to take a watchful stance amid a constant drop in prices, exacerbating the situation.”

Hot metal, a blast furnace product, is generally used to gauge demand for raw materials including iron ore. The scheduled output of steel reinforcing bar (rebar) among mills surveyed fell by 6.5% on the month to 9.67 million tons in January with losses among mills ranging from 100 yuan to 200 yuan a ton, data from consultancy Shanghai Metals Market (SMM) showed.

“It’s hard to see an improvement in steel margins any time soon amid weakening steel demand and relatively high raw materials prices,” SMM analysts said in a note.

“Some mills have recently set up plans for temporary reduction in production while a few others postponed the resumption of blast furnaces that had been under maintenance since December to stem loss,” they added.

Other steelmaking ingredients on the DCE, however, edged higher, with coking coal and coke climbing 0.31% and 0.11%, respectively. Steel benchmarks on the Shanghai Futures Exchange extended losses. Rebar shed 0.36%, hot-rolled coil edged down 0.15%, wire rod fell 1.21% while stainless steel gained 2.31%.

Comments

Comments are closed.