Last Wednesday, Chinese iron ore futures showed a slight negative trend, which is explained by profit-taking by investors after the last jump in prices by more than three percent. This growth is due to a seasonal increase in demand for steel, primarily due to the increased activity of the construction industry after a period of summer calm. According to experts, traders have begun to increase purchases of iron ore and steel at the time of peak demand.
On Wednesday, the Dalian Commodity Exchange saw the maximum decline - by 0.4%, to 534 yuan (82 dollars) per tonne. And on the Shanghai Futures Exchange, there was the largest drop in steel rebar futures - by 0.2%, to 3914 yuan per ton.
In addition, a new drop in iron ore reserves was noted in Chinese ports. As follows from the information of the consulting company SteelHome, this process continues for the sixth week in a row, as a result of which the figure dropped to 133 million tons.
In contrast, stocks of steel reinforcement rose to 4.2 million tons, from 3.7 million (seven-month low) in mid-July.
Seasonal fluctuations in iron ore in China
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Azovpromstal® 15 September 2017 г. 11:59 |
