Iron ore prices down $8/t amid new supply increase, output cuts

Iron ore prices plunged amid supply growth and expected demand weakness. Much lower prices supported buying activity in the seaborne market.

Australian iron ore fines 62% Fe slumped by $8/t to $111.75/t CFR, posting the largest daily decrease in more than a month, while its futures on the DCE fell by RMB 23.5/t ($3.7/t).

Several bearish factors impacted the raw material on October 28. Firstly, Tangshan city has announced a new round of production cuts starting from 20:00 on October 27, since worsening weather conditions caused heavier air pollution. Steelmakers and independent re-rollers will reduce production based on their emission level and capacities until further notice from authorities comes.

Secondly : The market balance is anticipated to weaken further since port inventories keep growing. Iron ore stockpiles added 2.1 million t this week, reaching 142.3 million t.


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About AISU

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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28 Board of Directors

17 Country

300.000 Employees

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