Iron-ore sinks toward test of $100 as plenum fails to inspire
Iron-ore dropped to near the $100 a ton threshold as a policy meeting in China failed to deliver major stimulus, while supplies remained robust.
The steelmaking material fell as much as 2.3% to $101.10 in Singapore, with futures on track for a third day of losses. The outcome of the Third Plenum, a twice-a-decade conclave of Communist Party officials last week, underwhelmed investors, with few steps to boost metals demand or fix the property crisis.
On the supply side, data from Brazil — the largest iron ore exporter after Australia — showed daily average shipments reached 1.62-million tons in the first 15 business days of July, a faster pace than in the same month a year ago. Last week, major miners reported record levels of production.
Iron ore has collapsed by more than a quarter this year, and is one of the worst performing major commodities. The material — which dipped briefly below $100 in both March and April — has been dragged lower by signs that the global seaborne market is in surplus, including ballooning stockpiles at ports.
Futures traded 2.1% lower at $101.35 a ton in Singapore at 12:05 p.m. local time. In China, iron-ore contracts in Dalian dropped almost 2%, while steel rebar and hot-rolled coil futures in Shanghai also declined.
The rout has taken a toll on miners’ share prices. In Australia, BHP Group closed on Monday at the lowest level since November 2022, with additional weakness caused by a selloff in copper.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...
VISIT SHOWROOM
ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
