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Commodities

2 Nov 2021

Iron Ore Falls as Output is Cut from Biggest Steel Producers

The Index Today

Iron Ore futures tumbled below $100 a ton as China’s steel output fell in the last month. On the other hand, prices in Singapore went down for a fifth consecutive day as the production for steel increased. China’s ports recorded iron ore inventories at peak levels since April 2019, pointing towards a decline demand.

In the last days of October, crude steel output was recorded at its lowest since March last year. Mysteel conducted a survey of over 200 blast furnaces and electric-arc furnaces to reveal output figures. Local governments have put forward multiple requests to slow down output of steel production as low demand and prices continue.

According to the China Iron & Steel Association, steel output declined during mid-October. In Singapore, Iron-ore futures fell 7.2% to $93.05 a ton.

©Photo: Reuters

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