Dalian iron ore hits 6 week low amid slow Chinese steel demand
By steel guru , 2014-08-04 12:00:00
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Reuters reported that Chinese iron ore futures fell to their lowest level in six weeks pressured by expectations that supply would remain high while demand for steel in the world's biggest consumer barely grew in the H1 of the year.
The most traded January rebar contract on the Shanghai Futures Exchange slipped 0.4% to CNY 3,060 per tonne.
The China Iron and Steel Association said that China's apparent steel demand rose 0.4 percent to 376 million tonnes in January to June. Inventories held by large steel mills rose in June after a three-month decline underlining slow consumption.
Investors found no joy in more evidence of strength in the Chinese economy after a spate of stimulus measures. China's factories posted their strongest growth in at least 1-1/2 years in July as new orders surged to multi month highs.
