Latest News

Iron ore slips; concentrate on key China conference and US election

Iron ore futures moved in the first working day of the week when the market would carefully keep an eye on the U.S. governmental election and a key conference of the leading leadership in biggest consumer China for hints on stimulus steps.

China's National People's Congress (NPC) Standing Committee is fulfilling over Nov. 4-8 and all eyes are on whether more stimulus steps would be revealed to spur the economy.

The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.78% lower at 766 yuan ($ 107.69) a metric heap, since 0238 GMT.

The benchmark December iron ore on the Singapore Exchange slid 1.01% to $101.7 a ton, as of 0242 GMT. It struck the most affordable considering that Oct. 25 at $101.25 a ton previously in the session.

Weighing on rates of the key steelmaking component are indications of damaging demand, experts said.

The average day-to-day output of hot metal, a sign to gauge iron ore demand, halted an eight-week gain to present a fall of 0.1% week-on-week to 2.35 million lots in the week since Nov 1, information from consultancy Mysteel revealed.

The expectation of growing supply and portside stocks in the last quarter of this year further dragged down ore costs.

Portside stocks piled up in October and we are anticipating to see an additional increase in November and December, when ore need is seasonally soft, stated Zhuo Guiqiu, an expert at Jinrui Futures.

Other steelmaking components on the DCE published losses, with coking coal and coke down 1.45% and 1.29%,. respectively.

A lot of steel standards on the Shanghai Futures Exchange lost. ground. Rebar shed 1.09%, hot-rolled coil. dipped 0.95%, wire rod fell 0.49% while stainless-steel. edged up 0.15%.

(source: Reuters)