AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,943 Increased By 105.5 (1.35%)
BR30 25,639 Increased By 187.1 (0.73%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)

BEIJING: Iron ore futures prices ticked down on Monday, weighed down by diminishing hopes of more stimulus in top consumer China, high portside stocks, and risks of possible government intervention after a price rally last week.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.52% lower at 862.5 yuan ($119.08) a metric ton, following a rise of more than 5% last week.

The benchmark May iron ore on the Singapore Exchange was 0.6% lower at $115.75 a ton, as of 0326 GMT.

Iron ore prices will likely consolidate in the near term as uncertainty lingers on how much hot metal output can rise further, analysts at Everbright Futures said in a note.

“The main driving force behind a price rebound last week was the macroeconomic factor and marginally improved fundamentals,” they said, referring to improved steel margins and market confidence and continuous destocking of steel products, among others.

Iron ore futures retreat

China left benchmark lending rates unchanged at a monthly fixing, in line with market expectations, as better-than-expected first-quarter economic data removed the urgency for Beijing to unveil fresh monetary stimulus to aid the economic recovery.

Iron ore stocks at major ports surveyed climbed by 0.5% week-on-week to 145.59 million tons as of April 19, data from consultancy Mysteel showed.

Other steelmaking ingredients on the DCE also retreated, with coking coal and coke down 0.8% and 0.56%, respectively.

Steel benchmarks on the Shanghai Futures Exchange were mostly lower. Rebar dipped 0.22%, hot-rolled coil shed 0.49%, wire rod fell 0.29%, while stainless steel added 1.01%.

Analysts at Guotai Junan Securities expect China’s crude steel output in 2024 to be lower than the 2023 level and steel consumption to fall further, dragged down further by the struggling property sector.

Comments

200 characters