Dalian iron ore at more than two-week low on softer China data, weakening steel sector
By Gabrielle Ng
SINGAPORE, Sept 4(Reuters) -Prices of Dalian iron ore futures extended declines on Wednesday to touch their lowest in over two weeks, as softer Chinese data raised concerns over the top consumer's economic recovery and weakening steel sector.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended morning trade 1.55% lower at 700.5 yuan ($98.52) a metric ton.
The contract hit an intraday low of 689.5 yuan, its weakest level since Aug. 19.
The benchmark October iron ore SZZFV4 on the Singapore Exchange, however, was 0.19% higher at $93.8 a ton, as of 0330 GMT.
Growth in China's services sector activity slowed in August despite the summer travel peak, a private-sector survey showed on Wednesday.
The slower services activity expansion offset faster manufacturing output growth, leaving the Caixin/S&P Global services purchasing managers' index (PMI) unchanged from July.
With factory owners trimming product prices to stay competitive, consumers tightening their belts and the ailing property sector failing to see meaningful rebound, the economy faces increasing challenges in tandem with external geopolitical uncertainties.
China's steel sector now faces several immediate challenges, including the state of the property market, the domestic business environment, a rise in protectionism globally and local policies, said ANZ analysts in a note.
Sales of construction steel on Sept. 3 eased from a one-day gain, indicating uncertainties in the domestic steel market, said Chinese consultancy Mysteel.
Iron ore prices may continue to trudge lower over the medium term, as the rebound in prices over the last two weeks had been somewhat surprising given the weak underlying fundamentals, said Westpac analysts.
Other steelmaking ingredients on the DCE were weaker, with coking coal DJMcv1 and coke DCJcv1 down 2.53% and 2.07%, respectively.
Most steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar SRBcv1 lost about 1.9%, hot-rolled coil SHHCcv1 shed 1.6%, stainless steel dropped around SHSScv1 0.8%, and wire rod SWRcv1 was flat.
($1 = 7.1104 Chinese yuan)
Reporting by Gabrielle Ng; Editing by Sumana Nandy
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
