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Iron ore prices fall by more than 7% as Chinese demand is expected to decline

Iron ore prices have fallen more than 7%, giving up all of their gains this year, with expectations that the domestic demand in China may decline.

Iron ore consumption has been affected by the decline in the Chinese real estate market as the country faces the spread of the “Covid-19” virus. However, some optimism to ease restrictions related to the virus over the past month will stimulate economic activity.

According to Bloomberg data, Iron ore futures traded in Singapore fell by 7.4% to $111.20/t, Dalian futures fell 8.3%, and Chinese coke futures fell by 7.1% to 2414.5 Yuan/t.

It comes after a decline in production rates for blast furnaces in Tangshan last week for the first time since mid-May, “My Steel” said in a note, according to “Bloomberg»: More factories in the steelmaking centre are reducing production for maintenance due to weak profit margins. China’s steel earnings index is down nearly 90% this month.

 

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Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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17 Country

300.000 Employees

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