Iron ore prices start the week with a decrease

Monday, 23 October 2017 17:49:44 (GMT+3)   |   Istanbul
       

Having closed last week with an upward movement, prices of ex-Australia iron ore of 62 percent Fe content for delivery to China’s Qingdao port have decreased by $0.5/mt on Monday, October 23, compared to last Friday due to weak demand, despite the upward trend of the Chinese steel futures market, starting the current week at $61.65-62.35/mt CFR China.

Market sources state that inventories of iron ore at Chinese ports have increased over the past week, and demand is not expected to reach strong levels in the coming days since buyers have slowed down their stock bookings amid the production cuts at Chinese mills.
According to market sources, Australian iron ore exports have been hit by a slowdown in Chinese demand since the crackdown on pollution in China. While steel mills in some Chinese provinces have had to cut production by 50 percent, the winter shutdown, which lasted a only few weeks in previous years, will be much longer this time since Chinese cities have the deadline of the end of the year to meet clean air goals set five years ago. Accordingly, iron ore demand in China is not expected to accelerate in the short term.

 


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