Iron ore price hits lowest level in a year
Iron ore futures fell to their lowest level in more than a year this week as investors weighed the prospect of weak demand from China amid an uneven economic recovery and rising supply amid new monetary easing from the world's largest oil giant. consumer.
Iron ore production rose 4.1% year on year between January and August, Chinese financial information site Hexun Futures reported, citing data from the National Bureau of Statistics.
Meanwhile, according to Chinese consultancy Mysteel, stainless steel exports hit a record high in August, up 33.4% year on year.
Exports also rose 18.9% year on year, according to Mysteel. compared with July, as producers increasingly turn to the global market amid sluggish domestic demand this year.
China's central bank provided 14-day cash to the banking system at a lower interest rate, indicating on its intention to continue monetary stimulus, although analysts note that the financing operation itself does not constitute a serious policy easing.
The world's second-largest economy is struggling to lift growth despite a series of measures aimed at stimulating domestic spending. Speculation that Beijing will speed up easing intensified last week following a massive rate cut by the US Federal Reserve.
Rolled steel also fell in price on the Shanghai Futures Exchange. Rebar was down 3.35%, hot rolled coil was down nearly 2.5%, wire rod was down 1.65% and stainless steel was down 2.24%.