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Money The iron ore price slide appears to be slowing

13:44  14 march  2018
13:44  14 march  2018 Source:   businessinsider.com.au

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Iron ore spot markets have stabilised after several days of heavy losses. According to Metal Bulletin, the price for benchmark 62% fines fell 0.2% to While coking coal and coke contracts continued to slide , iron ore and rebar futures managed to buck the trend, closing fractionally higher for the session.

While its movements have disconnected somewhat from spot pricing in recent days, Chinese iron ore and rebar futures fell modestly overnight, suggesting that bullish sentiment seen at the start of the week may be ebbing.

a group of people sitting at a table© Provided by Business Insider Inc

Iron ore spot markets have stabilised after several days of heavy losses.

According to Metal Bulletin, the price for benchmark 62% fines fell 0.2% to $69.78 a tonne, it's eighth straight day of losses.

That's now the longest losing streak since July 2015.

  The iron ore price slide appears to be slowing © Provided by Business Insider Inc

However, while the benchmark fell, lower and higher grades bucked the trend, rising for the first day in over a week.

Ore with 65% Fe content rose 0.5%, settling at $86.40 a tonne. 58% fines added a smaller 0.3%, finishing the session at $40.47 a tonne.

The mixed performance came amidst ongoing concerns about the outlook for Chinese steel demand, said Vivek Dhar, Mining and Energy Commodities at the Commonwealth Bank.

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Iron ore prices for July 17, 2018: All prices are still running on the spot. The recent wave of Chinese data has lifted my expectations for the slow slowing of Chinese growth and thus bulk demand. Infrastructure is coming off hard: But it will be supported by OBOR exports.

Iron ore prices registered their second biggest percentage fall in a single day on Monday when the benchmark price tumbled by 8.3% to close at 4.7 per tonne. The data showed a steep decline in exports and renewed concerns about a slowing Chinese economy.

"Markets are worried that China’s steel mills will struggle to clear its excess steel inventory, which has built up in anticipation for stronger demand during the construction season," he said in a note released during the session.

Iron ore is selling off again

  Iron ore is selling off again Iron ore spot markets fell heavily on Friday, reversing gains of the prior two sessions. The benchmark iron ore price has now lost 12% since March 1.And with Chinese futures down heavily in overnight trade on Friday, it looks like spot markets may fall to fresh multi-month lows when trading re-opens, at least based on early indications.

Having China as a large, seemingly guaranteed customer base meant that many iron ore producers upped their production rates in the past decade. Now, however, producers face large inventories and slowing prices . Goldman Sachs analysts expect that iron ore prices

What was once deemed to be a tailwind for iron ore prices is now being seen as a headwind, and a stiff one at that. While the rout will eventually come to an end, no one appears willing to catch the falling knife just yet.

"We think there are valid concerns over China’s steel consumption this year, particularly as China’s property sector faces headwinds from policy. More broadly, a clampdown on credit growth, will weigh on China’s commodity demand this year."

Dhar predicts a smaller increase in Chinese commodity demand than seen in 2017, adding that his forecast faces downside risks if construction activity struggles to pick up in coming months.

Souring sentiment towards the outlook for steel demand weighed on rebar futures in Shanghai which closed Tuesday's day session off 0.65% at 3,695 yuan a tonne.

Those losses extended to iron ore, coking coal and coke futures traded separately in Dalian which closed at 479 yuan, 1,251.5 yuan and 1,988 yuan a tonne respectively.

The losses in coal were particularly acute, a move that continued in overnight trade on Tuesday.

Here's the final scoreboard for the session.

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Benchmark Chinese iron ore import prices were static on Tuesday hovering in the early s as traders returning from the Lunar New Year remain on the sidelines. Read the slide and weep: Source: BHP Billiton Interim Results Presentation 24 February 2015.

Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in colour from dark grey, bright yellow, or deep purple to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4, 72.4% Fe), hematite

SHFE Rebar¥3,697,-0.40%
DCE Iron Ore¥482.00,0.42%
DCE Coking Coal¥1,249.00,-0.95%
DCE Coke¥1,974.00,-1.30%

While coking coal and coke contracts continued to slide, iron ore and rebar futures managed to buck the trend, closing fractionally higher for the session.

Overnight price action in Chinese commodity futures had not been a reliable indicator for movements in spot markets in recent weeks.

Trade in all four contracts will resume at midday AEDT, one hour before the Chinese government releases industrial output, urban fixed asset investment and retail sales figures for February.

Also keep an eye out for any potential reaction to reports that US President Donald Trump is asking members of his administration to come up with new tariffs and trade restrictions on China.

This has only recently broken, coming after the close of Chinese futures in overnight trade.

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