AGL 39.93 Decreased By ▼ -0.07 (-0.18%)
AIRLINK 128.75 Decreased By ▼ -0.31 (-0.24%)
BOP 6.82 Increased By ▲ 0.07 (1.04%)
CNERGY 4.69 Increased By ▲ 0.20 (4.45%)
DCL 8.43 Decreased By ▼ -0.12 (-1.4%)
DFML 41.09 Increased By ▲ 0.27 (0.66%)
DGKC 82.60 Increased By ▲ 1.64 (2.03%)
FCCL 33.02 Increased By ▲ 0.25 (0.76%)
FFBL 73.90 Decreased By ▼ -0.53 (-0.71%)
FFL 11.86 Increased By ▲ 0.12 (1.02%)
HUBC 110.75 Increased By ▲ 1.17 (1.07%)
HUMNL 14.30 Increased By ▲ 0.55 (4%)
KEL 5.22 Decreased By ▼ -0.09 (-1.69%)
KOSM 7.52 Decreased By ▼ -0.20 (-2.59%)
MLCF 39.00 Increased By ▲ 0.40 (1.04%)
NBP 63.78 Increased By ▲ 0.27 (0.43%)
OGDC 193.48 Decreased By ▼ -1.21 (-0.62%)
PAEL 25.40 Decreased By ▼ -0.31 (-1.21%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 153.55 Decreased By ▼ -1.90 (-1.22%)
PRL 25.79 No Change ▼ 0.00 (0%)
PTC 17.49 Decreased By ▼ -0.01 (-0.06%)
SEARL 81.25 Increased By ▲ 2.60 (3.31%)
TELE 7.66 Decreased By ▼ -0.20 (-2.54%)
TOMCL 33.48 Decreased By ▼ -0.25 (-0.74%)
TPLP 8.54 Increased By ▲ 0.14 (1.67%)
TREET 16.47 Increased By ▲ 0.20 (1.23%)
TRG 56.76 Decreased By ▼ -1.46 (-2.51%)
UNITY 27.55 Increased By ▲ 0.06 (0.22%)
WTL 1.36 Decreased By ▼ -0.03 (-2.16%)
BR100 10,514 Increased By 69.1 (0.66%)
BR30 31,171 Decreased By -18.1 (-0.06%)
KSE100 98,308 Increased By 509.6 (0.52%)
KSE30 30,676 Increased By 195.2 (0.64%)

SINGAPORE: Dalian iron ore futures prices slid to a one-year low on Monday, as a weakening steel market in top consumer China clouded demand prospects for the steel-making ingredient.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.64% lower at 702.5 yuan ($98.33) a metric ton.

The contract hit its weakest level since August 2023 at 688.5 yuan earlier in the session.

The benchmark September iron ore on the Singapore Exchange, however, was 1.62% higher at $93.5 a ton, as of 0420 GMT.

Iron ore markets have stabilised after a volatile week, but remain vulnerable given increasing supply and moderating demand, Westpac analysts said in a note.

Imports of iron ore to China during January to June rose 6% year-on-year to 611.6 million tons, Chinese financial information site Hexun Futures said.

Meanwhile, Chinese crude steel output during January-July fell 2.2% to 613.7 million tons, data from the National Bureau of Statistics showed.

Sentiment in the domestic steel market remained weak from Aug. 12-16 amid weak performance of major ferrous futures and dull downstream demand, said Chinese consultancy Mysteel.

Total iron ore stockpiles across ports in China fell 0.5% week-on-week to 149.6 million tons as of Aug. 16, Steelhome data showed.

Considering that demand has entered the off-season period and supply remains strong, iron ore inventory is expected to remain stable and it will be difficult to continue destocking, said Hexun Futures.

Iron ore futures weaker

Steel mills are likely to pull back on iron ore purchases amid weak margins and subdued demand, said ANZ analysts. Other steelmaking ingredients on the DCE lost ground, with coking coal and coke down 2.23% and 0.95%, respectively.

Steel benchmarks on the Shanghai Futures Exchange were mixed.

Hot-rolled coil slid 2.36%, rebar edged down 0.1%, wire rod dipped 0.06%, while stainless steel firmed 0.84%.

Comments

200 characters