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The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) closed the day 1.63% lower at $112.05 per metric tonne (MT). The Singapore Exchange's benchmark July iron ore fell 2.51% to $104.8 per tonne. A slew of weaker-than-expected data for China's property sector, the country's top steel user, knocked on market mood, even as regulators stepped up measures to bolster the struggling sector and restore consumer confidence.
According to Statistics Bureau data, China's property investment decreased by 10.1% in the first five months of 2024 compared to the same period last year, following a 9.8% decline from January through April.
This came after new bank lending in China rebounded far less than expected in May, and some key money gauges hit record lows, suggesting the world’s second-largest economy is still struggling to regain its footing. Floods in the southern regions and high temperatures also stifled demand for steel products. Other steelmaking ingredients on the DCE also retreated, with coking coal and coke down 0.97% and 1.13%, respectively.
Steel benchmarks on the Shanghai Futures Exchange were weaker. Rebar dipped 0.74%, hot-rolled coil fell 0.63%, wire rod shed 1.24%, and stainless steel dropped 0.61%. Separately, China’s crude steel output in May climbed 8.1% from the previous month and was up 2.7% from the year before, data showed, thanks to improved domestic demand and robust exports.
Also Read : Outlook for iron ore prices in second half of the year will remain unchanged: Goldman Sachs India’s steel exports fall by 38%; imports gain 13%
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