Iron ore extends losses for third session
Iron ore futures fell below CNY 802 per ton on Wednesday, marking a third consecutive decline amid persistent concerns over market fundamentals.
Analysts noted that prices remain pressured by weak steel mill margins and ample seaborne supply.
China’s end-use steel demand also contracted in the third quarter, offsetting earlier strength in manufacturing-related consumption.
At the same time, authorities in the world’s top steel producer are set to curb new capacity to address oversupply and falling prices.
Some support, however, came from restocking ahead of the National Day holiday, while prices of domestically mined iron ore concentrates continued to rise across most regions last week due to tight availability and firm demand.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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