China's ore and coke prices fall

Iron ore was delivered in RMB (85.00 USD)/ton at 10:30 am Vietnam time.

On the Singapore Exchange, the December iron ore contract fell 0.5% to $88.65 a tonne after gaining 1.2% in the previous session.

Atilla Widnell, managing director of Singapore-based Navigate Commodities, said a one-week slight drop of 1.5 million tonnes of iron ore arrivals at Chinese ports would provide temporary support to prices.

“The attention will then turn to the estimated 1.1 million tonnes-per-week growth in Australian and Brazilian iron ore shipments, while also inflating China's port-side stocks," he said.

SteelHome consultancy data showed imported iron ore inventories at China's ports rose to 147.60 million tonnes last week, the highest since April 2019.

China spot benchmark 62% iron ore stood at $91 a tonne on Tuesday, hovering near an 18-month low of $90 hit the previous day.

Dalian coking coal fell 4.6 percent to its lowest level since July 15, but coke gained 1.5 percent after a three-session sell-off.

Construction rebar on the Shanghai Futures Exchange fell 0.5%, while hot rolled coil fell 0.9%. Stainless steel rose 0.2%.

“We expect China's national steel supply-demand balance to continue to loosen as seasonally affected construction steel consumption will weaken further in the next few months," said Mr. Widnell.

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