Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

China iron ore cools for fourth day on demand outlook worries

Thu, 19th Sep 2019 03:54

* Dalian iron ore down as much as 3.5%

* Spot prices for benchmark 62% Fe at $96.5 a tonne

* Demand can sustain but hard to grow - trader

BEIJING, Sept 19 (Reuters) - China's Dalian iron orefutures stumbled in early trade on Thursday, extending losses toa fourth session, on concerns about future demand.

The most-traded iron ore futures contract, on theDalian Commodity Exchange, for January 2020 delivery, slumped asmuch as 3.5% to 645 yuan ($90.93) per tonne, the biggestintraday decline since Sept.9.

Prices for spot cargoes of benchmark iron ore with 62% ironcontent for delivery to China, fell for asecond straight session on Wednesday to $96.5 a tonne.

There is caution as prospects of China's economy remainuncertain, a Shanghai-based trader said.Demand can be maintained at the current level but is unlikelyto grow further, said the trader, adding that supply of iron oreis relatively sufficient now.

The most-active construction steel rebar contract on theShanghai Futures Exchange, for January delivery,declined 1.5% to 3,461 yuan a tonne as of 0215GMT.

Hot-rolled coil steel, used in cars and homeappliances, on the Shanghai Futures Exchange, fell 1.7% to 3,467yuan per tonne.

FUNDAMENTALS

* Other steelmaking ingredients were mixed, with Daliancoking coal dropping 1% to 1,323 yuan a tonne, whilecoke edged up 0.2% to 1,989 yuan.

* China's local governments issued a net 2.0057 trillionyuan in special bonds in the first eight months of the year, thefinance ministry said on Wednesday, as Beijing looks to spurinfrastructure investment and stabilise the cooling economy.

* The U.S. Federal Reserve cut target interest rate by 25basis points to a range of 1.75-2.0% on Wednesday to helpsustain a record-long economic expansion but signalled a higherbar to further reductions.

* For the top stories metals and other news, click TOP/MTLor MET/L

($1 = 7.0931 Chinese yuan)(Reporting by Min Zhang and Tom Daly; Editing by Aditya Soni)

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.