AIRLINK 175.55 Decreased By ▼ -2.01 (-1.13%)
BOP 11.01 Decreased By ▼ -0.04 (-0.36%)
CNERGY 8.29 Increased By ▲ 0.12 (1.47%)
FCCL 47.23 Decreased By ▼ -0.09 (-0.19%)
FFL 16.02 Decreased By ▼ -0.10 (-0.62%)
FLYNG 27.31 Decreased By ▼ -0.04 (-0.15%)
HUBC 142.32 Decreased By ▼ -4.59 (-3.12%)
HUMNL 13.30 Decreased By ▼ -0.21 (-1.55%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 5.90 Decreased By ▼ -0.01 (-0.17%)
MLCF 61.80 Decreased By ▼ -0.22 (-0.35%)
OGDC 226.77 Decreased By ▼ -7.91 (-3.37%)
PACE 5.77 Decreased By ▼ -0.03 (-0.52%)
PAEL 44.80 Decreased By ▼ -1.61 (-3.47%)
PIAHCLA 17.88 Decreased By ▼ -0.24 (-1.32%)
PIBTL 10.47 Decreased By ▼ -0.10 (-0.95%)
POWER 12.02 Increased By ▲ 0.03 (0.25%)
PPL 185.92 Decreased By ▼ -5.88 (-3.07%)
PRL 37.16 Decreased By ▼ -0.16 (-0.43%)
PTC 24.05 Increased By ▲ 0.85 (3.66%)
SEARL 100.29 Decreased By ▼ -0.60 (-0.59%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 38.51 Decreased By ▼ -1.20 (-3.02%)
SYM 14.75 Decreased By ▼ -0.28 (-1.86%)
TELE 7.73 Decreased By ▼ -0.11 (-1.4%)
TPLP 11.03 Decreased By ▼ -0.08 (-0.72%)
TRG 66.00 Decreased By ▼ -1.29 (-1.92%)
WAVESAPP 10.97 Decreased By ▼ -0.38 (-3.35%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
YOUW 3.78 Increased By ▲ 0.01 (0.27%)
BR100 12,826 Increased By 19.4 (0.15%)
BR30 38,861 Decreased By -842.2 (-2.12%)
KSE100 118,792 Decreased By -146.5 (-0.12%)
KSE30 36,779 Increased By 22.6 (0.06%)

BEIJING: Prices of iron ore futures fell on Friday, weighed by persistently sliding near-term demand and higher stocks in top producer China, but were headed for a second straight week of gains.

The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.13% lower at 757 yuan ($106.70) a metric ton, as of 0255 GMT.

The benchmark October iron ore on the Singapore Exchange was 0.28% lower at $101.55 a ton, but stayed well above the key psychological level of $100 for five straight sessions.

“Risks remained skewed to the downside in the short term; China’s steel exports may come under threat as tensions rise with trade partners,” ANZ analysts said in a note, forecasting a price of $90-$100 a ton for the rest of 2024.

Nippon Steel and other Japanese steelmakers are urging Tokyo to consider curbing cheap imports from China. Both benchmarks for the key steelmaking ingredient, however, posted a second week of gains, rising between 4% and 5%.

“Several factors jointly contributed to this wave of price rebound, including stronger expectation of a Fed (US Federal Reserve) interest rate cut, better demand with peak construction season approaching and the suspension of steel capacity replacement,” said Cao Ying, an analyst at SDIC Essence Futures.

Average daily hot metal output among steelmakers surveyed fell for a sixth straight week, dropping 1.6% to about 2.21 million tons as of Aug. 30, the lowest since mid-March, data from consultancy Mysteel showed.

Iron ore ticks up on renewed hopes of improving China demand

“Steel margins have somewhat improved and hot metal output slowed down falling pace. But we believe the room for rebound will be limited considering the market remained oversupplied,” Ying said. Other steelmaking ingredients on the DCE were mixed, with coking coal down 0.68% and coke little changed.

Most steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar dipped 0.4%, hot-rolled coil edged down 0.03%, wire rod slipped 1.94% while stainless steel added 0.43%.

Comments

Comments are closed.