BEIJING- The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.90 percent lower at 883 yuan ($122.22) a metric ton, on Wednesday.
“Due to the end of the Chinese holiday, iron ore inventory replenishment speculation has ended. In addition, arrivals at the port during the working days of May continue to be high, and the port inventory is at a seasonal high,” said Pei Hao, a Shanghai-based analyst at international brokerage Freight Investor Services (FIS).
“The fundamental factors are bearish this week,” he added.
Iron ore imports this year in China, the world’s largest consumer, are expected to be broadly the same as last year at around 1.17 billion to 1.18 billion metric tons, a senior official of miner Vale said on Wednesday.
Other steelmaking ingredients on the DCE fell, with coking coal and coke down 3.24 percent and 3.10 percent , respectively.
Steel benchmarks on the Shanghai Futures Exchange also eased slightly. Rebar was down 0.62 percent , hot-rolled coil 0.85 percent , wire rod 0.73 percent and stainless steel 1.67 percent.
