Date
17 October 2017

Iron ore price likely to extend decline, report says

New analysis has shown that iron ore prices in China will continue to drop in the fourth quarter of this year amid a fall in demand, Xinhua news agency reported Sunday. Demand has usually shrunk in the fourth quarter every year, especially in north China, and the corresponding slack season for steel production may bring a short-term recession in demand for iron ore, it said, referring to a Shanghai Securities News report on Friday. Stockpiles of iron ore at 25 major ports in China continued to grow last week, marking the fourth consecutive week of expansion. Inventories of imported iron ore stood at 77.82 million tons at the end of the Oct. 29 to Nov. 4 period, up 1.29 million tons, or 1.68 percent, from the previous week. Analysts said the weak demand of steelmakers will continue as November is the slack season for the industry and it is unlikely that there will be large-scale purchase orders.

– Contact HKEJ at [email protected]

RC

 

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