Reuters
Manila
Shanghai rebar steel futures dropped another 1.5 percent on Friday, helping stretch losses in iron ore futures in Dalian.
Iron ore for immediate delivery to China´s Tianjin port gained 0.5 percent to $41.50 a tonne on Thursday, according to The Steel Index.
Additional iron ore supply from Australia´s Roy Hill mine and Vale´s S11D project in Brazil "will worsen the oversupplied situation amid China´s steel production slowdown", said Helen Lau, analyst at Argonaut Securities in Hong Kong.
China´s crude steel output dropped 2.3 percent to 803.8 million tonnes in 2015, the first yearly fall since 1981, as producers responded to shrinking demand.
The world´s No. 2 economy grew at its slowest pace in a quarter of a century in 2015. The most-traded May rebar on the Shanghai Futures Exchange closed down 1.5 percent at 1,814 yuan ($275.88) a tonne.
The picture shows a logo of Federation of Pakistan Chambers of Commerce & Industry . — APP/FileKARACHI: Atif Ikram...
The image shows the logo of the Securities and Exchange Commission of Pakistan . — APP/FileISLAMABAD: The Securities...
This image released on January 26, 2023, shows the logo of Archroma. — Facebook/ArchromaKARACHI: Archroma Pakistan...
The logo of the Trade Development Authority of Pakistan . — TDAP website. Mirpur: Kausar Taqadus Gilani, Minister...
This representational image shows Gold bars. — AFP/FileKARACHI: Gold prices in the local market dropped by Rs600 per...
Security personnel walk past the US Federal Reserve building in Washington, DC on Oct 22, 2021. —...