Iron ore price, page-34292

Metals: Copper +0.2% to $4.27lb, iron ore -2.93% to US$213.60/t

Energy: Brent crude +4.1% to US$72.2/bbl, WTI +4.6% to US$70.3/bbl

Key overnight stock moves: BHP LND +2.7%, Rio Tinto LND +2.3%, S32 (LDN) +0.9%, AAL +4.1%, GLEN +4.0%, Vale +1.9%, AA +6.1%, Shell +3.0%, BP +3.3%, XOM +3.2%, Chevron +3.4%, COP +4.7%

Global Indices: S&P 500 +0.82%, DOW +0.83% & FTSE +1.70%

Iron ore futures slumped as China ratcheted up efforts to roll back steel production, dampening the demand outlook. Steel companies in Jiangsu province have received guidance to rein in output from last year’s level, researcher Mysteel reported, without citing anyone. Total crude steel production in the province jumped in the first half and with volumes expected to fall less than expected in July, the pressure to cut will center on August through December, it said. China, the world’s biggest steel producer, has been ramping up efforts to clean up the sector that accounts for about 15% of the country’s emissions. Despite the repeated calls from the authorities to cap steel production, mills in the nation are still on track to churn out a record volume. (Bloomberg)

Iron ore shipments from Australia including Port Hedland rose to 17.5 million tons in the week to July 16, from 13.5 million tons in the previous week, according to initial Global Ports data compiled by Bloomberg. (Bloomberg)