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MYSTEEL: Slow rebound seen in China iron ore prices in September

Source: Mysteel Sep 03, 2024 14:45

Prices for imported iron ore in China are expected to continue firming this month, as September usually ushers in the peak season for steel consumption in autumn with milder weather conditions being favourable for outdoor construction activities. Although the ore-price rebound will be slow, the average price of the critical steelmaking ingredient this month is anticipated to be higher than that in August, Mysteel predicts in its latest monthly report on the commodity.

Last month, Chinese prices for imported iron ore were mainly dragged down by the dull buying interest of domestic steelmakers, the report said, noting that mills were suffering severe losses on steel sales and so slashed their production. For example, over August 23-29 daily hot metal output among the 247