Iron ore hits seven-month lows on continued China demand worries [Seeking Alpha]
SINGAPORE EXCH UNSP/ADR (SPXCY)
NASDAQ:AMEX Investor Relations:
investorrelations.sgx.com
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Source: Seeking Alpha
According to Reuters, benchmark April iron ore ( SCO:COM ) on the Singapore Exchange plunged as much as 4.4% to $103.45/ton, the lowest since August 2023, and the most-traded May contract on China's Dalian Commodity Exchange ended daytime trading at 807.5 yuan/metric ton ($112.29), also the lowest level since August. Potentially relevant stock tickers include ( NYSE: BHP RIO VALE OTCQX:FSUMF OTCPK:GLCNF OTCPK:GLNCY OTCQX:AAUKF OTCQX:NGLOY Analysts say growing fears of a possible further reduction in demand in coming weeks is pressuring iron ore prices, with an increase in maintenance on blast furnaces among steel mills this week indicating further declines in hot metal output. Also hurting sentiment is news from Tangshan in north China's Hebei province, the country's major steel production hub, of the implementation of a level two emergency response due to heavy air pollution, which would require local mills to curb production. China's real estate troubles also continue to we
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