Sunday, February 5, 2023
spot_img
HomeHeadlinesIron ore futures rise, China demand worries cap gains

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Iron ore futures rise, China demand worries cap gains

Dalian and Singapore iron ore futures rebounded on Thursday after three days of losses, but worries over demand for the steelmaking ingredient in top steel producer China kept benchmark prices near their two-week lows hit the day before.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange DCIOcv1 ended daytime trading 1% higher at 669.50 yuan ($105.11) a tonne. It touched 650.50 yuan in the previous session, its lowest since Dec. 15.

Iron ore’s most-active February contract on the Singapore Exchange SZZFG2 was up 1.6% at $119 a tonne by 0737 GMT.

Barring any big jump in prices on the last trading session of the year on Friday, Dalian iron ore was set for its first weekly loss since mid-November.

It was also on track for a full-year decline of more than 10%, dragged down by the collapse of Chinese demand due to steel production controls to curb carbon emissions, and rising inventory of imported material stocked at the country’s ports.

The spot price of China-bound iron ore from Australia, based on SteelHome consultancy data, was $120 a tonne on Wednesday, just about half of the record peak scaled in May. SH-CCN-IRNOR62

China’s strict steel output curbs are expected to remain in place until after the Beijing Winter Olympics in February.

Fresh COVID-19 outbreaks in China, which has a zero-tolerance policy towards local cases, and worries over the country’s troubled property sector are also likely to keep investors cautious.

“The property sector downturn is a key watchpoint, given its impact on overall growth momentum and related supply chains,” analysts at ANZ said in a note.

Construction steel rebar SRBcv1 and hot-rolled coil SHHCcv1 on the Shanghai Futures Exchange both shed 0.6%. But stainless steel SHSScv1 climbed 2.4%.

Dalian coking coal DJMcv1 advanced 1.3% and coke DCJcv1 added 0.3%.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...