SINGAPORE: Iron ore futures prices fell for a third consecutive session on Thursday on rising shipments from Australia and Brazil, although gains were capped by a weakening US dollar.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.36% lower at 698.5 yuan ($97.51) a metric ton.
The benchmark July iron ore on the Singapore Exchange was 0.37% lower at $92.4 a ton, as of 0354 GMT. “Iron ore futures threatened to record a new year-to-date low as robust supplies and lower steel production in China weigh on sentiment,” said ANZ analysts. According to data from Chinese consultancy Mysteel, inventories of imported iron ore sintering fines have risen for the third straight week to 12.3 million tonnes by June 25.
Major producer Vale has increased its supply of iron ore due to an end-of-season rush, significantly contributing to increased global iron ore shipments from Australia and Brazil, said broker Everbright Futures.
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