Dalian iron ore futures fall on rising shipments from miners
Iron ore futures in China extended losses into a second straight session on Tuesday, dropping nearly 3.5% as data showing higher shipments from mainstream miners last week eased supply woes.
Miners in Australia and Brazil shipped 26.03 million tonnes of the steelmaking ingredient last week, up 4.08 million tonnes from the week earlier, data compiled by Mysteel consultancy showed.
Benchmark iron ore futures on the Dalian Commodity Exchange , for September delivery, faltered as much as 3.47% to 695 yuan ($97.42) a tonne on Tuesday, before closing down 3.0% to 699 yuan.
Spot prices of iron ore with 62% iron content for delivery to China fell to $98.5 per tonne on Monday. SH-CCN-IRNOR62
The China Iron & Steel Industry Association and major steelmakers have called for an increase in iron ore production at home and higher exploration of undeveloped resources overseas to ensure supplies.
Other steelmaking ingredients were mixed, with Dalian coking coal dipping 0.1% to 1,156 yuan a tonne, while coke rose 1.2% to 1,874 yuan per tonne.
* Construction steel rebar on the Shanghai Futures Exchange , for October delivery, ended down 0.5% to 3,493 yuan a tonne.
* Hot-rolled coil, used in the manufacturing sector, inched down 0.2% to 3,407 yuan per tonne.
* The June contract of stainless steel futures on the Shanghai exchange rose 0.2% to 13,250 yuan a tonne.
* China will strengthen its macroeconomic policy and counter-cyclical adjustments and continue to push to lower interest rates on loans, the central bank governor said.
* China’s banking and insurance regulator said on Tuesday that it will keep cracking down on high-risk shadow banking businesses to prevent their return and maintain curbs to prevent a property market bubble.