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Iron ore prices have suffered their worst week for nearly 18 months amid signs that the two factors needed for a sustained correction may be coming into play - Chinese steel producer discipline and a recovery in supply of ore.
The main Chinese domestic iron ore benchmark, the Dalian Commodity Exchange contract, dropped around 10% in the week to July 23, the worst weekly performance since February last year.
The contract ended the week at 1,126 yuan ($173.77) a tonne, and has now slid about 17% from its record high in May.
Benchmark spot 62% iron ore for delivery to north China , as assessed by commodity price reporting agency Argus, surrendered 8.8% last week to end at $201.35 a tonne, down from its record high of $235.55 hit on May 12.
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Dalian iron ore futures at nearly 3-week low on lean demand
Chinese iron ore futures fell for a fourth consecutive session, down more than 7% to their lowest levels in nearly three weeks, on prospects of more imports of the steelmaking ingredient and as demand eased on the government’s decision to cut production.
“The government has a relatively strong determination to control steel output this year, which could affect demand for raw materials,” Li Wentao, an analyst with Tianfeng Futures, said.
Meanwhile, China’s imports of iron ore are seen to increase this month, leaving possibilities for an oversupply, Li added.