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Chinese Steel Futures, Iron Ore Price Cut

Mar 08, 2018

As demand remained weak, China's steel prices fell for a second straight line to the lowest level in a week, dragging down more than 3 per cent of the main steel-making raw iron ore.

Demand for steel has been weak since the Lunar New Year holiday in late February and may gradually recover from mid-March. That limits the rise in steel prices over the past few sessions, a forecast of the government's output limit this year.

"Previous gains were mainly due to the expectation that the production restrictions in Tangshan could spread to other northern regions, boosting sentiment and prices, but demand has not yet recovered, so prices have lost support," said Mr Zhao, a surpassing analyst. Shenzhen commercial Futures.

"If demand does not pick up quickly in late March, we may see a downward trend inprices," he said.

Shanghai Futures Exchange's most active steel prices fell to 3948 yuan ($US 623.08) tons, the lowest since February 26. It fell 1.3 per cent to $3957 a tonne.

The National Development and Reform Commission said in Monday that China would cut some 30 million tonnes of steel production this year, which would defeat its long-term goals on the government's promise to defend its "blue skies".

Zhao predicts that Chinese steel mills will be more experienced by using more scrap and low emissions from the arc furnaces to maximise maximum production.

China's goal this year is to grow the economy by about 6.5, as it did in 2017, despite a 6.9 per cent growth last year. This suggests that Beijing has been focusing on reducing the risk to the financial system of the rapid accumulation of debt.

Iron ore prices in the Dalian Commodity exchange plunged 3.6 per cent to $520 a tonne.

"Iron ore is most fundamental in the entire steel production chain because of ample supply and record high port inventories." So iron ore is the hardest hit when steel prices are weak, "said the research manager of a trading company in Hangzhou.

Steel home data show that by February 23, the main port of iron ore storage record high of 155.88 million tons.

Coke plunged 2.5% to 2177 yuan a ton, coking coal fell 0.6 to 1374.50 yuan per ton.

According to the Metal Bulletin, Monday, China's Qingdao port delivery of iron ore $US 1.31 $US 77.03 tons.

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