Iron ore extends fall on persistently weak fundamentals in China [Yahoo! Finance]
SINGAPORE EXCH UNSP/ADR (SPXCY)
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Source: Yahoo! Finance
four months, dragged down by the persistently weak fundamentals of the key steelmaking ingredient in top consumer China. The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) ended morning trade 3.81% lower at 845 yuan ($117.52) a metric ton, the lowest since Oct. 24, 2023. The benchmark April iron ore on the Singapore Exchange slid 4.28% to $110.25 a ton, as of 0355 GMT, the lowest since Oct. 10. A temporary supply glut as a result of better-than-expected shipments so far in the first quarter of the year and weaker-than-expected demand recovery has put intense downward pressure on prices, analysts said. "The global ore shipments have climbed to a relatively high level. The recent ore price fall has not triggered a production reduction among non-mainstream suppliers," analysts at Citic Futures said in a note. "Some mills postponed again the timing of production resumption, curbing ore demand rise and destocking at ports," they added. Poor profita
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