Iron ore navigates choppy seas amid some positive China signs - ClydeCommods
Amid volatility in most commodity markets, iron ore has been relatively stable over the past two months, despite a cloudy economic outlook for top importer China.of benchmark 62% iron ore for delivery to north China, as assessed by commodity price reporting agency Argus, ended at $96.10 a tonne on Sept. 30, down 3% from the prior week’s close.But the price has been in a range of $95 to $120 a tonne for the past three months, having settled after spiking as high as $160.
Concern over China’s economic outlook was not dispelled by a modest bounce in the key Purchasing Managers’ Index in September. However, the key indicators for iron ore remain fairly positive, with imports holding up, port inventories slipping, and steel output is set to recover. But it would appear likely that the official number will be around the same as the 96.21 million tonnes reported in August, which was the highest since January.China’s port inventories of iron ore also declined in September, with data from consultants SteelHome showing they ended at 135.1 million tonnes in the week to Sept. 30, down from 143 million in the week to Sept. 2.
China’s steel output rose 3% in August from a month earlier, reaching 83.87 million tonnes, for a daily figure of 2.71 million tonnes. Steel rebar inventories monitored by SteelHome have also been dropping in recent months, sliding to 4.59 million tonnes in the week to Sept. 30.
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