Iron ore, steel, copper prices likely to become stable in few months
28 Aug 2021
2 Min Read
CW Team
According to experts, commodities such as iron ore, steel, and copper have seen volatile movements previously, but their prices are expected to stabilise in over a few months.
Earlier, copper prices dropped by over 5%, steel prices declined by 10%, and iron ore prices declined by over 25%.
The falling prices of these commodities followed a sustained rally in the first half, which witnessed iron ore, steel, and copper reaching record highs. The rating agency Fitch Solutions Country Risk and Industry Research (FSCRIR) told the media that it believes the commodity prices will be stabilising for the remaining half of this year.
On Friday, the prices of iron ore were quoted at $151 per tonne for delivery at Tianjin Port, China. In May, the prices reached $239 per tonne. Iron ore with 62% ferrous quoted at $154.4 per tonne and freight China at Singapore Exchange Ltd (SGX).
According to FSCRIR, the supply of iron ore from global producers in the second half of 2021 and 2022 will be higher than 2020 and the first half of 2021, while Chinese steel producers are in low demand.
ING's think-tank ING Think, a Dutch multinational investment bank, said that the iron ore rout continued on SGX with prices falling below $160 per tonne.
ING Think said that as per the data, China is at risk of weaker demand for the remaining year. There are expectations towards strict enforcement of production curbs, which could result in deeper cuts in crude steel. It would weigh heavily on demand for iron ore.
Also read: Stressed steel plants bought under IBC witness faster returns: CRISIL
Also read: NMDC slashes iron ore prices by Rs 200 per tonne
According to experts, commodities such as iron ore, steel, and copper have seen volatile movements previously, but their prices are expected to stabilise in over a few months.
Earlier, copper prices dropped by over 5%, steel prices declined by 10%, and iron ore prices declined by over 25%.
The falling prices of these commodities followed a sustained rally in the first half, which witnessed iron ore, steel, and copper reaching record highs. The rating agency Fitch Solutions Country Risk and Industry Research (FSCRIR) told the media that it believes the commodity prices will be stabilising for the remaining half of this year.
On Friday, the prices of iron ore were quoted at $151 per tonne for delivery at Tianjin Port, China. In May, the prices reached $239 per tonne. Iron ore with 62% ferrous quoted at $154.4 per tonne and freight China at Singapore Exchange Ltd (SGX).
According to FSCRIR, the supply of iron ore from global producers in the second half of 2021 and 2022 will be higher than 2020 and the first half of 2021, while Chinese steel producers are in low demand.
ING's think-tank ING Think, a Dutch multinational investment bank, said that the iron ore rout continued on SGX with prices falling below $160 per tonne.
ING Think said that as per the data, China is at risk of weaker demand for the remaining year. There are expectations towards strict enforcement of production curbs, which could result in deeper cuts in crude steel. It would weigh heavily on demand for iron ore.
Image Source
Also read: Stressed steel plants bought under IBC witness faster returns: CRISIL
Also read: NMDC slashes iron ore prices by Rs 200 per tonne
Next Story
Sterling Unveils Premium Retreat Near Lansdowne at Vanvasa Resort
Sterling Holiday Resorts has launched Sterling Vanvasa, its latest premium hideaway located near Lansdowne, Uttarakhand. Set amidst 30 acres of forested hillside, this offbeat destination is designed for travellers seeking tranquillity, nature, and a break from urban stress. It marks Sterling鈥檚 eighth resort in the state, strengthening its position in curating India鈥檚 most serene holiday escapes. Situated beyond Juee village at an altitude of over 3,200 feet, the retreat offers panoramic views of the Garhwal Himalayas, lush pine and sal forests, and the distant Ramganga river. Far fro..
Next Story
REC Wins ASSOCHAM CSR Award for Healthcare Support Initiatives
REC, a Maharatna Central Public Sector Undertaking (CPSU) and leading non-banking financial company (NBFC) under the Ministry of Power, Government of India, has received the ASSOCHAM CSR and Sustainability Award 2024 for 鈥楨xcellence in Providing Support to Healthcare鈥�. The award was presented during the 6th ASSOCHAM CSR and Sustainability Conference and Awards held in Hyderabad. Shri Anjan Lahiri, Senior General Manager and Head of Department (REC Foundation), received the honour on behalf of REC from the Hon鈥檅le Deputy Chief Minister of Telangana, Shri Mallu Bhatti Vikramarka. ..
Next Story
Essensai067 to Launch Sustainable Adventure Park for Children in July
Essensai067, the sustainable, community-first retail enclave in Whitefield, is set to open a state-of-the-art Adventure Park for children under 12 this July. Designed to foster physical activity, imagination, and social connection, the park aligns with Essensai067鈥檚 philosophy of creating meaningful, inclusive spaces. Spread across 5.16 acres of heritage land, Essensai067 integrates food, fashion, art, and music with wellness and community engagement. The Adventure Park reinforces this vision by offering a nature-inspired play environment, aimed at reducing children鈥檚 screen time and ..
