Iron ore futures fell to approximately CNY 700 per tonne on Thursday, reaching a one-week low as the supply from leading exporters increased. Shipments to China by top producers Australia and Brazil reached 30.1 million tonnes last week, marking the highest weekly total of the year thus far, based on industry statistics. Brazilian mining company Vale increased its exports in a final push before the season ends, while Australia’s Rio Tinto obtained final government approval for its Hope Downs 2 project, a collaboration with Hancock Prospecting. This new mine is anticipated to generate 31 million tonnes per year, which will further augment global supply. On the demand side, the World Steel Association reported that global steel production decreased by 3.8% year-on-year in May, highlighting ongoing weaknesses in the construction and manufacturing sectors.
The material has been provided by InstaForex Company – www.instaforex.com
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