Iron ore futures hit 4-month low

Singapore iron ore futures fell 1.9% to a 4-month low of $US155.80 after a negative report from China’s State-run Shanghai Securities News.

China has set targets to cut steel production by 61 million tons in 2H21, while aiming to stabilize the price of iron ore, the report said, according to Bloomberg.

“Policies to boost steel scrap imports should help ease the upward pressure on iron ore, Longqiang Zhang, head of the China Metallurgical Information and Standardization Institute,” said according to the report.

Earlier, Wei Shuanshi, chairman of Baogang Group, said earlier that steel demand may weaken as China dials back real estate and infrastructure development.

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.