Iron ore futures in China were higher on Friday, but they saw their first weekly decline nearly threefold as slower demand halted the rise in prices for heavy plate, rebar and other rolled metal products after rising nearly 50 percent last year. ...
Winter in China usually slows down activity in the construction sector, one of the largest consumers of steel. China also imposed restrictions on steel production in 28 cities from November to March in its anti-smog campaign.
The most active iron ore contract for delivery in May on the Dalian Commodity Exchange closed 1.6 percent lower at 543.50 yuan ($ 85) a tonne. However, the contract, which touched a 2-week low on Wednesday, was down nearly 2 percent in a week.
As of January 12, stocks of steel product rebar among Chinese traders rose to 3.62 million tonnes, up from a record low of 2.84 million tonnes in mid-December, according to consulting firm SteelHome.
The most traded rebar on the Shanghai Futures Exchange was up 2.2 percent. Rebar, which grew 46 percent last year, is down more than 4 percent since a threefold three-month high of 4,104 yuan on December 4.
Iron ore markers fall amid falling consumption of rolled metal
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Azovpromstal® 21 January 2018 г. 13:00 |
