(Bloomberg) -- Iron ore slumped to its lowest level since 2022 and traded near $90 a ton as China’s main steel industry group advised mills to be cautious in...
-- Iron ore slumped to its lowest level since 2022 and traded near $90 a ton as China’s main steel industry group advised mills to be cautious in boosting output too quickly to avoid snuffing out a post-summer recovery.The steelmaking material has fallen by more than a third this year, with prices coming under severe pressure as flagging steel consumption batters loss-making Chinese mills. Steel buying typically picks up after the summer, which will provide a fresh test for producers.
Iron ore futures in Singapore fell as much as 2.4% to $90.35 a ton, the lowest since November 2022. They traded at $90.85 a ton by 3:25 p.m. local time, down about 10% this week.The wider commodities complex is suffering amid concerns over China’s recovery and uncertainties over the US and global economy. Copper has retreated back below $9,000 a ton, while zinc — used mostly in the steel industry — was down more than 2% on Thursday.
“Mills are losing money and iron ore inventories are piling up at ports every day,” Zhao Liang, head of research at GF Futures Co., said by phone. “The fundamental picture supports the slide in. Overall its due to weak steel demand — people are pessimistic.”Angela Rayner criticises pace of taking down unsafe cladding seven years after Grenfell fire
Press ReleaseVELIZY-VILLACOUBLAY, France — September 5, 2024 Declaration of the number of outstanding shares and voting rights as of August 31, 2024 Dassault Systèmes today announced below the total number of its outstanding shares and voting rights as of August 31, 2024, according to articles 223-16 and 221-3 of the General Regulation of the Autorité des marchés financiers.
Local schools were asked to monitor the 14-year-old after online threats about a school shooting in 2023, the FBI says.The FTSE 100 index is close to its opening mark at 8271.70, with leisure group Whitbread among the top performers after shares rallied 49p to 2948p. Associated British Foods fell 4% or 88p to 2413p after its year-end update showed sugar profitability below previous expectations due to a sharp fall in European prices.
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