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Money The iron ore price slide appears to be slowing

13:44  14 march  2018
13:44  14 march  2018 Source:   businessinsider.com.au

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Iron ore spot markets have stabilised after several days of heavy losses. According to Metal Bulletin, the price for benchmark 62% fines fell 0.2% to While coking coal and coke contracts continued to slide , iron ore and rebar futures managed to buck the trend, closing fractionally higher for the session.

Iron ore prices , hit by weak steel demand in China, will continue to suffer as Europe slides back into recession. Prices remained depressed this week, with sluggish demand from China providing no impetus for a rally.

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Iron ore spot markets have stabilised after several days of heavy losses.

According to Metal Bulletin, the price for benchmark 62% fines fell 0.2% to $69.78 a tonne, it's eighth straight day of losses.

That's now the longest losing streak since July 2015.

  The iron ore price slide appears to be slowing © Provided by Business Insider Inc

However, while the benchmark fell, lower and higher grades bucked the trend, rising for the first day in over a week.

Ore with 65% Fe content rose 0.5%, settling at $86.40 a tonne. 58% fines added a smaller 0.3%, finishing the session at $40.47 a tonne.

The mixed performance came amidst ongoing concerns about the outlook for Chinese steel demand, said Vivek Dhar, Mining and Energy Commodities at the Commonwealth Bank.

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The price of iron ore has plunged further and appears to be heading back towards a two-year low as concerns re-emerge about Chinese demand and Brazilian company Vale sees an oversupply of the base metal. The iron ore spot price fell

The swift decline is being seen as a sign of the fragility in iron ore prices , given the slowing economic growth in its biggest market —China. The research firm expects the iron ore price to slide back to $US50 a tonne, while thermal coal prices could ease to $US70 a tonne, from around the current

"Markets are worried that China’s steel mills will struggle to clear its excess steel inventory, which has built up in anticipation for stronger demand during the construction season," he said in a note released during the session.

Iron ore is selling off again

  Iron ore is selling off again Iron ore spot markets fell heavily on Friday, reversing gains of the prior two sessions. The benchmark iron ore price has now lost 12% since March 1.And with Chinese futures down heavily in overnight trade on Friday, it looks like spot markets may fall to fresh multi-month lows when trading re-opens, at least based on early indications.

The iron ore price is has started to slide . CBA's Mr Dhar said higher iron ore prices had been supported by that stockpile building but said this appeared " to have normalised, after a significant restocking cycle last year".

How the sliding iron ore price will affect Australia. Only now, as the price for Australia's top export commodity slumps at a five-year low, does there appear to be a consensus that iron ore , and mining generally, was helping to prop up government revenues and sections of the economy far away from

"We think there are valid concerns over China’s steel consumption this year, particularly as China’s property sector faces headwinds from policy. More broadly, a clampdown on credit growth, will weigh on China’s commodity demand this year."

Dhar predicts a smaller increase in Chinese commodity demand than seen in 2017, adding that his forecast faces downside risks if construction activity struggles to pick up in coming months.

Souring sentiment towards the outlook for steel demand weighed on rebar futures in Shanghai which closed Tuesday's day session off 0.65% at 3,695 yuan a tonne.

Those losses extended to iron ore, coking coal and coke futures traded separately in Dalian which closed at 479 yuan, 1,251.5 yuan and 1,988 yuan a tonne respectively.

The losses in coal were particularly acute, a move that continued in overnight trade on Tuesday.

Here's the final scoreboard for the session.

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Australia's commodities forecaster signaled the worst of an iron - ore price slide should now be over, though export earnings from the metal were approaching a peak. Bureau of Resources and Energy Economics Also Expects Production Growth to Slow . By.

The benchmark iron ore price had spent much of the year around $US135 per tonne, but began slipping seven weeks ago on the back of slowing construction activity in China, and an oversupply of steel in that country.

SHFE Rebar¥3,697,-0.40%
DCE Iron Ore¥482.00,0.42%
DCE Coking Coal¥1,249.00,-0.95%
DCE Coke¥1,974.00,-1.30%

While coking coal and coke contracts continued to slide, iron ore and rebar futures managed to buck the trend, closing fractionally higher for the session.

Overnight price action in Chinese commodity futures had not been a reliable indicator for movements in spot markets in recent weeks.

Trade in all four contracts will resume at midday AEDT, one hour before the Chinese government releases industrial output, urban fixed asset investment and retail sales figures for February.

Also keep an eye out for any potential reaction to reports that US President Donald Trump is asking members of his administration to come up with new tariffs and trade restrictions on China.

This has only recently broken, coming after the close of Chinese futures in overnight trade.

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