Industry News

Iron ore falls at end of bumpy quarter on China demand woes

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Update time : 2022-06-30 21:42:22

June 30 (Reuters) - Dalian and Singapore iron ore futures fell on Thursday and were on track to post quarterly losses due to persistent demand worries for the steel-making ingredient in top steel producer China.

The most-traded iron ore for September delivery on China's Dalian Commodity Exchange ended daytime trade 2.2% lower at 791 yuan a tonne after four straight sessions of gains, stretching its quarterly loss to more than 10%.

On the Singapore Exchange, iron ore's front-month July contract SZZFN2 was down 1.5% at $120.90 a tonne, as of 0703 GMT, and on pace to mark its third consecutive monthly fall.

Dalian iron ore hit this year's peak at 948 yuan a tonne on June 6, while SGX iron ore had risen up to $168.65 a tonne on March 8, supported by hopes of additional stimulus for China's struggling economy.

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