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Iron Ore Price Falls 5% as China Scrap Adds to Oversupply Fears

Citation:世紀矿业信息网 Date:2016-5-27 9:45:01


The Steel Index reported a Northern China benchmark iron ore price of US$50.20 per dry metric tonne on Tuesday, down 4.7% on the day and down 27% from its April high of near US$70. The sell-off was triggered by stockpiling data showing inventories of more than 100 million tonnes at major Chinese ports.


The port data supports what many analysts argue: the correction towards a US$40 tonne benchmark price result from long-term supply and demand dynamics that are still working to suppress the iron ore price.


Another risk factor for miners emerged at the annual gathering of the industry in Singapore last week, organized by the Singapore Exchange. In a post-mortem, the Exchange said scrap will play an increasing role in the Chinese market:


China's steel industry association, CISA, noted that accumulated steel output will exceed 10 billion tonnes this year, generating a huge reserve of scrap. Significant growth in obsolete scrap over the next decade is expected to lead to greater substitution for pig iron in the steelmaking process over time. This is expected to result in relatively lower demand for iron ore.


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