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<Commodity>Iron Ore Price Bust Below USD100/ Ton as CN Demand Weakens Before LNY
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Iron ore price shattered below USD100 per ton, dampened by a decelerated Chinese demand ahead of the Lunar New Year (LNY), paired with abundant market supply. The main iron ore futures on the Singapore Exchange once dipped by 0.8% to USD99.8 per ton, and it was expected to record a decline for the fourth consecutive week, notching the longest downturn since June. Consultancy Mysteel stated that the supply and demand fundamentals for iron ore remained feeble. In the week before the LNY, steel mill production was lower than expected, and the usual restocking that supports prices already concluded. AASTOCKS Financial News Website: www.aastocks.com |
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