AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 131.00 Increased By ▲ 1.47 (1.13%)
BOP 6.92 Increased By ▲ 0.24 (3.59%)
CNERGY 4.62 Decreased By ▼ -0.01 (-0.22%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 43.35 Increased By ▲ 1.66 (3.98%)
DGKC 83.72 Decreased By ▼ -0.05 (-0.06%)
FCCL 33.00 Increased By ▲ 0.23 (0.7%)
FFBL 78.00 Increased By ▲ 2.53 (3.35%)
FFL 12.17 Increased By ▲ 0.70 (6.1%)
HUBC 110.52 Decreased By ▼ -0.03 (-0.03%)
HUMNL 14.44 Decreased By ▼ -0.12 (-0.82%)
KEL 5.60 Increased By ▲ 0.21 (3.9%)
KOSM 8.47 Increased By ▲ 0.07 (0.83%)
MLCF 39.36 Decreased By ▼ -0.43 (-1.08%)
NBP 63.19 Increased By ▲ 2.90 (4.81%)
OGDC 199.70 Increased By ▲ 0.04 (0.02%)
PAEL 26.48 Decreased By ▼ -0.17 (-0.64%)
PIBTL 7.78 Increased By ▲ 0.12 (1.57%)
PPL 160.50 Increased By ▲ 2.58 (1.63%)
PRL 26.65 Decreased By ▼ -0.08 (-0.3%)
PTC 18.60 Increased By ▲ 0.14 (0.76%)
SEARL 83.10 Increased By ▲ 0.66 (0.8%)
TELE 8.22 Decreased By ▼ -0.09 (-1.08%)
TOMCL 34.48 Decreased By ▼ -0.03 (-0.09%)
TPLP 9.05 Decreased By ▼ -0.01 (-0.11%)
TREET 16.98 Decreased By ▼ -0.49 (-2.8%)
TRG 60.60 Decreased By ▼ -0.72 (-1.17%)
UNITY 27.85 Increased By ▲ 0.42 (1.53%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,654 Increased By 247.8 (2.38%)
BR30 31,970 Increased By 256.8 (0.81%)
KSE100 99,391 Increased By 2063 (2.12%)
KSE30 31,012 Increased By 819.9 (2.72%)

MANILA: Iron ore futures hit a four-week low on Monday, as China's portside inventory piled up to its highest since February and worries about future demand for the raw material in the world's top steel producer weighed on sentiment.

The most-traded iron ore contract with January 2021 expiry on China's Dalian Commodity Exchange closed down 3.3% at 760.50 yuan ($113.72) a tonne. It dropped as much as 3.8% earlier in the session to its lowest level since September 25.

The steelmaking ingredient's front-month November on the Singapore Exchange plunged as much as 1.3% to $111.60 a tonne, its weakest level since September 29.

Imported iron ore stocked at China's major ports rose for a fifth straight week to 127.8 million tonnes as of Oct. 23, based on data from SteelHome consultancy.

Rising port inventory and signs of weaker demand in China also weighed on iron ore spot prices, with the benchmark 62% grade trading at $117.50 a tonne on Friday, the lowest since Aug. 5, based on SteelHome data.

"The strong growth in steel production in recent months has also raised concerns of a short-term pullback in output from steel mills as margins come under pressure," said Daniel Hynes, a senior commodity strategist at ANZ.

China's 2020 crude steel output is expected to rise 3%-5% over last year to more than 1 billion tonnes, according to China Iron and Steel Association.

Global steel output edged up 2.9% year-on-year to 156.4 million tonnes in September, its second consecutive month of gains as China continued to ramp up production, the World Steel Association said.-Reuters

Comments

Comments are closed.