Iron ore falls

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SINGAPORE/BEIJING- Iron ore futures fell on Monday, as higher inventories in key buyer China and slower construction activity due to unfavorable weather raised demand concerns.

The most-traded May iron ore on China’s Dalian Commodity Exchange traded 2.82 percent lower at 878.5 yuan ($122.05) per metric ton.

The benchmark March iron ore on the Singapore Exchange was 3.12 percent lower at $116.3 a ton.

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“Inventories of iron ore at major Chinese ports rose. Supply concerns also eased, with a cyclone threatening WA (Western Australia) ports now tracking away from the state’s iron ore hub,” analysts at ANZ bank said in a note.

Inventories at major Chinese ports surveyed climbed by 2.1 percent on-week to 133.1 million tons in the week to Feb. 23, hitting the highest since April 2023, data from consultancy Steelhome showed.

Also, Vale the world’s second-largest supplier of iron ore, said the latest train incident caused by heavy rains in Brazil would not impact its shipments or production.

Global iron ore shipments hovered at almost the highest level in three years and if the high shipments continue in a seasonally slow season, ore prices can hardly find any support from the supply side, analysts at Sinosteel Futures said in a note. -Reuters

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