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Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin were trading around $169.5/tonne, down of 5% from an almost 10-Year high of $178 touched in early March amid an uncertain demand outlook from China.
The production in China’s top steel-producing city Tangshan is set to decline due to environmental curbs while the Caixin survey showed that Chinese manufacturing activity unexpectedly expanded at the slowest pace in almost a year in March.
Output at Brazilian miner Vale, the world’s top producer, is expected to recover to normal levels by the end of 2021. Meanwhile, steel futures were trading at record highs.
[b]Chinese Ironore cargoes with 63.5% iron content delivery into Tianjin down 5% at $169.5/tonne from near 10-Year high of $178 early March.
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– Environmental curbs
– Caixin manufacturing slowest pace in almost a yearChina’s most actively traded #IronOre futures contract on Dalian Commodity Exchange tumbled 6.4% in the morning session on Thu.
Coke futures fell 3.8% and thermal coal futures slid 3.6%.
YUAN TALKS @YuanTalks
Chinese exchanged Crude oil and #Ironore futures were hit hard today Sep21 Chinese Dalian Iron Ore Futures found support at their 200-day simple moving average via @patrickrooney
#AUDUSD #RIO #BHP
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