Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share 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 held in a tight range on Thursday as investors reassessed near-term demand prospects in top consumer China amid expectations of steel mills ramping up production despite lingering concerns about the property sector. The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) closed daytime trade 0.17% lower at 892 yuan ($124.00) a metric tonne.
The benchmark March iron ore on the Singapore Exchange was 0.46% higher at $116.55 a tonne, as of 0700 GMT. Chinese developer Country Garden 2007.HK said on Wednesday a liquidation petition had been filed, clouding its debt revamp prospects and undermining Beijing's effort to restore confidence in the property sector, the largest steel consumer.
A slower-than-usual downstream demand recovery has dampened Chinese steelmakers' enthusiasm in ramping up production after the week-long Lunar New Year holiday break, said analysts. "The country is entering its peak construction period, but there is little sign of steelmakers increasing output," analysts at bank said in a note. Daily consumption of sintered ore among steelmakers surveyed dropped by 0.8% on week to 1.06 million tonnes as of February 29.
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