Iron Ore Holds Near $100 as China Steel Output Declines
The iron ore benchmark settled at $99.57 per tonne for 62% Fe delivery into China, essentially flat for the day. China’s July crude steel output fell 3.6% YoY, and cumulative January‑to‑July production is down 3.1%. Investors reacted with a modest sell on Vale shares, while copper edged up 0.03%.
The iron ore benchmark settled at $99.57 per tonne for 62% Fe delivery into China, essentially flat for the day. China’s July crude steel output fell 3.6% YoY, and cumulative January‑to‑July production is down 3.1%. Investors reacted with a modest sell on Vale shares, while copper edged up 0.03%.
Iron ore prices are likely to remain flat or dip slightly in the short term as weaker Chinese steel demand dampens demand. Steel producers may cut output, putting further downward pressure on iron ore. Copper’s marginal rise is unlikely to materially affect the broader metals market.