Iron ore sinks to fresh four-month lows on continued weak China fundamentals [Seeking Alpha]
SINGAPORE EXCH UNSP/ADR (SPXCY)
NASDAQ:AMEX Investor Relations:
investorrelations.sgx.com
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Source: Seeking Alpha
Analysts say a temporary supply glut due to higher than expected shipments so far this year and weaker than expected demand recovery has pressured prices downward. The annual National People's Congress in Beijing, which ended up Monday, offered little hope for a pickup in demand, and iron ore stockpiles at ports have ballooned to the highest in a year. Construction activity remains lackluster as China's crackdown on property debt squeezes a vital source of steel demand , while the government has refrained from deploying the type of massive infrastructure stimulus it has used in the past revive its economy. According to Reuters, the most-traded May iron ore contract on China's Dalian Commodity Exchange ( SCO:COM ) ended morning trade at 845 yuan/metric ton ($117.52), the lowest since October 24, while benchmark April iron ore on the Singapore Exchange fell as much as 7% to $107.10/ton. Iron ore prices have plunged by ~25% from a peak in early January as China's real estate and
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