Iron ore, steel, copper prices likely to become stable in few months

28 Aug 2021 CW Team

According to experts, commodities such as iron ore, steel, and copper have seen volatile movements previously, but their prices are expected to stabilise in over a few months.

Earlier, copper prices dropped by over 5%, steel prices declined by 10%, and iron ore prices declined by over 25%.

The falling prices of these commodities followed a sustained rally in the first half, which witnessed iron ore, steel, and copper reaching record highs. The rating agency Fitch Solutions Country Risk and Industry Research (FSCRIR) told the media that it believes the commodity prices will be stabilising for the remaining half of this year.

On Friday, the prices of iron ore were quoted at $151 per tonne for delivery at Tianjin Port, China. In May, the prices reached $239 per tonne. Iron ore with 62% ferrous quoted at $154.4 per tonne and freight China at Singapore Exchange Ltd (SGX).

According to FSCRIR, the supply of iron ore from global producers in the second half of 2021 and 2022 will be higher than 2020 and the first half of 2021, while Chinese steel producers are in low demand.

ING's think-tank ING Think, a Dutch multinational investment bank, said that the iron ore rout continued on SGX with prices falling below $160 per tonne.

ING Think said that as per the data, China is at risk of weaker demand for the remaining year. There are expectations towards strict enforcement of production curbs, which could result in deeper cuts in crude steel. It would weigh heavily on demand for iron ore.

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Also read: Stressed steel plants bought under IBC witness faster returns: CRISIL

Also read: NMDC slashes iron ore prices by Rs 200 per tonne

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