Iron ore futures in Asia slipped on Wednesday, under pressure from rising supply that has lifted stockpiles at Chinese ports to the highest in a year and could further drag down prices of the steelmaking commodity after last quarter’s rally.
Trading activity in the physical iron ore market was limited, traders say, after recent stockpiling by Chinese buyers looking to a seasonal pickup in steel demand.
The most-traded September iron ore on the Dalian Commodity Exchange was down 0.5% at 376.50 yuan ($58) a tonne by 0253 GMT. On the Singapore Exchange, May iron ore dropped 0.7% to $50.80 a tonne.
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