Iron ore slides to more than one-year low with weak China demand prospects [Seeking Alpha]
SINGAPORE EXCH UNSP/ADR (SPXCY)
NASDAQ:AMEX Investor Relations:
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Source: Seeking Alpha
Raw iron ore output in the January-August period rose 4.1% Y/Y, according to official Chinese information, while stainless steel exports hit a record high in August, rising by a third from the year-earlier month, Chinese consultancy Mysteel said. The most-traded January iron ore contract ( SCO:COM ) on China's Dalian Commodity Exchange ended daytime trade at 658.5 yuan/metric ton, its weakest level since August 2023, and benchmark October iron ore on the Singapore Exchange recently traded at $81.55/ton. China's central bank supplied 14-day cash to its banking system and at a lower interest rate, signaling a possibility of further monetary stimulus, although analysts said the funding operation itself was not a major policy easing , Bloomberg reported. After disappointing data in August, there are concerns that China's economy could miss its annual growth target of ~5% without more financial support. Strong iron ore prices earlier this year raised concerns of a significant reco
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