Iron ore extends losses on continued concerns over global glut

seekingalpha08-12

Iron ore futures fell again Monday, following their fourth weekly loss in five, on concerns that a slowdown in steelmaking at Chinese mills combined with record shipments from Australia and Brazil may...

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Futures (SCO:COM) recently traded -2.4% to $98.70/metric ton in Singapore after dropping nearly 3% last week, extending its run as one of this year's worst performing major commodities, losing more than a quarter of its value. Chinese steel demand has slumped this year as economic growth has slowed and the property crisis drags on, while on the supply side, Australian miners exported a record tonnage through Port Hedland in June, topping the previous peak at the world's largest bulk export terminal, and producers in Brazil set a record for shipments for July. Mills in Yunnan province called a meeting on Saturday in an attempt to control steel production, researcher Mysteel Global reported. Analysts say the price drop shows market sentiment has shifted away from optimism that China's efforts to boost the struggling construction sector would boost steel demand to the reality that steel mills are struggling for profits and sales, according to Reuters. Potentially relevant stocks include BHP (NYSE:BHP), Rio Tinto (RIO), Vale (VALE), Fortescue (OTCQX:FSUMF), Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) and Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY).","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2458980065"}