Iron ore prices in China fall

China's steelmaking raw material prices fall

- Iron ore on Dalian Commodity Exchange hits 1-week low
- Bank of China cut interest rates
- China's 2021 steel output declines amid production control
The drop in prices came despite the easing of monetary policy by China's central bank.
Iron ore for May delivery on China's Dalian Commodity Exchange ended intraday trading down 2.4% at 705 yuan ($111.12) a tonne, near a session low of 700 RMB/ton, the lowest level since January 10.

On the Singapore Exchange, the iron ore contract fell 1.7 percent to $124.55 a tonne.
“The falling economic data and the rate cuts have reflected the market,” said Atilla Widnell, managing director of Navigate Commodities in Singapore.
Mr Widnell said iron ore would correct after recent rallies, adding that improved weather in key supplier Brazil and increased shipments from Australia could weigh on market prices.
SteelHome consulting data shows that spot iron ore in China hit a three-month high of $132.50 a tonne on Jan. 13.
Construction rebar and hot rolled coil on the Shanghai Futures Exchange both fell 2%. Stainless steel fell 0.7%.

China's annual crude steel output falls for the first time in six years in 2021 amid intensifying efforts to curb emissions.
Dalian coking coal fell 4.1% and coke fell 5.9%.

Vinanet