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Iron ore futures slipped back below CNY 750 per ton, trimming recent gains as deepening losses at Chinese steel mills strengthened expectations of further output cuts. Steel producers reported weaker profitability last week, with high coking coal costs and persistently soft finished steel prices continuing to compress margins. Scheduled maintenance and planned production curbs are also expected to dampen near-term demand for iron ore.
On the supply side, industry data showed that global iron ore shipments totaled 30.38 million tons last week, down 14% from the previous week, despite robust export volumes from both Australia and Brazil. In a separate development, China established a new mining investment vehicle, Guangyan International Investment Co., aimed at enhancing the country’s control over overseas mineral resources.
