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Iron Ore Tumbles as World’s Biggest Steel Producer Cuts Output

Iron Ore Tumbles as World’s Biggest Steel Producer Cuts Output
© Reuters Iron Ore Tumbles as World’s Biggest Steel Producer Cuts Output

(Bloomberg) — Iron ore futures extended losses below $100 a ton on expectations China’s steel output dropped last month.

Prices in Singapore tumbled for a fifth day as the world’s top steelmaker ramped up efforts to cap annual volumes. That’s seen iron ore inventories at China’s ports expand to the highest since April 2019, a sign of slowing demand.

Daily crude steel output in the final third of October dropped to the lowest since March 2020, according to researcher Mysteel, which cited a survey of 247 blast furnaces and 71 electric-arc furnaces. There were frequent requests from local governments to curb output, while lackluster steel demand and softening prices have dampened mills’ willingness to produce, it said. 

The China Iron & Steel Association has previously said steel output fell in early and mid-October. 

Iron ore futures in Singapore dropped 7.2% to $93.05 a ton. Prices in Dalian fell the daily limit.

©2021 Bloomberg L.P.

Source: Investing.com

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