China iron ore rebound

December 08,2015

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Manila
Iron ore and steel futures in China recovered on Monday after last week´s rout that pulled them to record lows, but prices are likely to remain under pressure amid expectations that Chinese demand for both commodities will shrink next year. China´s crude steel output will fall a second straight year in 2016 as a cooling economy continues to shrink demand in the world´s top producer and consumer, the nation ´s Metallurgical Industry Planning and Research Institute (MPI) said. That will cut China´s demand for iron ore by 4.2 percent to 1.07 billion tonnes, the MPI said. Iron ore for May delivery on the Dalian Commodity Exchange was up 1.9 percent at 293.50 yuan ($46) a tonne by 0255 GMT. That was after touching 284 yuan on Friday, lowest for a most-traded contract since the bourse launched iron ore futures in October 2013. _

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