Shanghai: Chinese iron ore futures declined for the seventh consecutive session to hit a nearly fourth-month low as steelmaking raw materials were pressured by soft demand for the metal and high product inventories held by trading companies.
Dalian iron ore futures tumbled more than 3 percent to an intraday low of 475.5 yuan ($75.12) a tonne, its deepest level since Nov. 20. Iron ore was at 477.5 yuan a tonne by the midday break, down 3 percent.
The most active rebar on the Shanghai Futures Exchange also dropped for a seventh straight session, with steel demand failing to pick up as quickly as expected after the week-long Chinese New Year break in February.
Rebar was 0.6 percent lower at 3,717 yuan a tonne at midday. High inventories of steel rebar products, mainly used for construction, have prompted some traders to sell their stocks at a loss and driven down prices.
This initiative enables them to earn a dignified livelihood for their families
The event will host more than 700 booths, including leading global and Pakistani tech giants
Gold rates increased by $8 to all-time high rates of $2,371 per ounce in the international market
Strong retail sales prompted economists at Goldman Sachs to boost their gross domestic product
The IMF dictates its terms based on our past performance
Goldman's profit rose 28 percent to $4.13 billion, or $11.58 per share, in the first quarter
