China iron ore futures extend losses on Dalian Commodity Exchange - August 23
Reuters reported that iron ore for January delivery on the Dalian Commodity Exchange was off half a percent at CNY 648 per tonne.
It dropped earlier to CNY 644 near June's low of CNY 642 which was the weakest for a most traded contract since Dalian introduced it in October last year.
Mr Cao Bo analyst at Jinrui Futures in Shenzhen said that “The price may hit a new trough below 630 yuan in four months amid plentiful supply. As shipments from Brazil and Australia to China remain high, and domestic iron ore production maintains steady growth, the status of excess supply may continue for a longer time.”
According to data compiled by Steel Index, Benchmark 62% grade iron ore for immediate delivery to China .IO62-CNI=SI fell 0.8% to USD 92.30 per tonne on Wednesday, its lowest since June 20.
(Source - www.steelguru.com)