ASTM steel pipe,ASTM elbow,ASTM fitting_Hebei Zhongyue Pipe Fittting Co.,Ltd

Iron ore below $80/t on weak market

Nov 12, 2019
    Price slide continued in iron ore market on pessimistic moods and soft fundamentals.
    Australian iron ore fines 62% Fe fell below $80/t CFR for the first time since January, decreasing by $2/t to $78/t CFR since Friday. The raw material quotes in most-traded contracts on the DCE lost RMB 8.5/t ($1.2/t), coming down to the lowest level since August.
    Market moods remained under pressure of soft demand and rising supply, insiders say. As it was reported, the official data showed on Friday a monthly reduction of iron ore imports to China in October as consumption was impacted by output cuts. Increasing shipments from Australia and Brazil as well as high port inventories added to the situation.
    Weak fundamentals and bearish sentiments were still keeping buyers away from active purchases. Only one deal for Brazilian material was reported in the sea‑borne market on Monday. Trading at ports, where prices went down by RMB 5‑20/t ($0.7‑2.9/t) was not robust either. “Despite high steel production, customers are not eager to book now. The risk of further price decrease is affecting purchases,” a market source told Metal Expert.
    Meanwhile, Fitch Solutions Macro Research predicted that annual growth of iron ore global production will be 0.5% during 2019‑2028, from 2,850 million t to 3,119 million t, much lower than the average growth of 2.9% in 2009‑2018.
 
OTHER PRODUCTS
 
Seamless Steel Pipe
Seamless Steel Pipe
Stainless Steel Pipe
Stainless Steel Pipe
ERW Steel Pipe
ERW Steel Pipe
Galvanized Pipe(ERW/Seamless)
Galvanized Pipe(ERW/Seamless)