Iron ore prices set to slump again as China's housing troubles mount, analyst says [Seeking Alpha]
SINGAPORE EXCH UNSP/ADR (SPXCY)
NASDAQ:AMEX Investor Relations:
investorrelations.sgx.com
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Source: Seeking Alpha
Falling steel production and emissions controls on highly polluting blast furnaces should shrink Chinese iron ore demand by 1% in 2024 and 2% in subsequent years, while plans by major miners to raise production will boost supply, adding pressure to prices, according to the research firm. This year's drop in iron ore prices likely was " a dress rehearsal for what's ahead ," Capital Economics writes, adding its forecast for China's property sector to cut in half by the end of the decade "does not bode well for iron ore producers' plans to ramp up production." Iron ore futures rebounded on Wednesday to reach five-week highs, helped by an improving steel market and anticipation of pre-holiday restocking by Chinese steelmakers. The most-traded September iron ore contract ( SCO:COM ) on China's Dalian Commodity Exchange ended daytime trading to 870 yuan/metric ton ($120.20), the highest since March 11, and benchmark May iron ore on the Singapore Exchange was to $115.55/ton, the best
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