Dalian iron ore tumbles 3.1% to near 7-wk low
SGX iron ore slumps to 2022 low below $90/T
2022 global steel demand to drop 2.3% - group
(Updates prices, adds graphic)
Iron ore's losses deepened on Thursday, with the benchmark price of the steelmaking ingredient in Singapore hitting a fresh 2022 low, hammered by a gloomy outlook for global steel demand and supply-side pressures.
Steel prices in China, which accounts for about half the world's output of the construction and manufacturing material, also fell amid a worsening COVID-19 situation in Beijing.
The most-traded January iron ore on China's Dalian Commodity Exchange DCIOcv1 ended daytime trade 3.1% lower at 667 yuan ($92.27) a tonne, after touching its weakest since Sept. 5 at 664 yuan.
On the Singapore Exchange, the benchmark November iron ore SZZFX2 contract tumbled up to 2.8% to $89.50 a tonne, a new low for this year.
The World Steel Association now expects a 2.3% contraction in global steel demand this year, revising its forecast from a 0.4% growth.
The Brussels-based group said the global economic environment has deteriorated significantly, citing high inflation and interest rate hikes, and China's slowdown due to its zero-COVID policy and property sector downturn.
"The slump in the property market has deepened, with investment in real estate slowing to its worst in 30 years," the group said in a report on Wednesday.
"Despite the government's efforts to boost the real estate market, a major turnaround is not expected since buyers' confidence remains weak due to strict COVID-19 measures and developer bankruptcies."
Supply-side pressures intensified. This week major miners BHP Group (BHP) and Vale SA VALE3.SA reported higher quarterly iron ore production, while Rio Tinto (RIO) RIO.L posted a 4% quarter-on-quarter rise in shipments.
Rebar on the Shanghai Futures Exchange SRBcv1 fell 1.9%, hot-rolled coil SHHCcv1 dipped 1.8%, and wire rod SWRcv1 shed 1%. Bucking the trend, stainless steel SHSScv1 advanced 2.3%.
Other steelmaking inputs also dropped, with Dalian coking coal DJMcv1 and coke DCJcv1 down 2.1% and 3.1%, respectively.
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