India–US Trade Tensions Rise Over Steel and Auto Tariffs NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Iron ore futures fell as weak steel demand and rising inventories at Chinese ports weighed on sentiment. Dalian’s January contract dropped 1.51% to 784.5 yuan ($110.18/tonne), while Singapore’s benchmark eased to $105.25/tonne.
Steel mills slowed restocking ahead of the Oct 1–8 National Day holidays, while inventories rose to 132.5 million tonnes, up 0.29% week-on-week, according to SteelHome. With high arrivals and elevated molten iron output, inventories are likely to build further.
Blast furnace utilisation at 90.86%, its third consecutive weekly rise, showing steel supply remains high despite weak margins. Meanwhile, other steelmaking inputs—coking coal (-4.03%) and coke (-3.75%)—also declined, alongside losses in rebar, hot-rolled coil, wire rod, and stainless steel.
Analysts caution that continued weak demand may squeeze margins further and lead to production cuts, pressuring iron ore prices in the near term.
Also Read : Japan Probes Chinese, South Korean Galvanized Steel Imports Over Anti-Dumping De Beers to spend $1 billion in Botswana mine expansion
The proposed trade agreement between India and the UK has reportedly been shelved for the upcoming f...
Business 19-Mar-2024
In a transformative move towards sustainable transportation, Union Minister for Finance & Corpor...
Press Releases 01-Feb-2024
Raw material supply to steel units to improve. Transport & logistics infra to be upgraded. Fas...
Business 16-May-2025
JSPL posts ₹339.40 crore net loss in Q4. Weak demand, high costs dent profitability. Focus shifts...
Business 02-May-2025
The Ministry of Defence (MoD) inked five major agreements for ₹39,125.39 crore in New Delhi on March...
Defence 01-Mar-2024
Tamil Nadu Government's decision to unbundle its energy distribution company, TANGEDCO, aims to enha...
Notification 06-Feb-2024