“It’s not just China where steel output is under pressure,” said Warren Patterson, head of commodities strategy at ING. ironore
Iron ore and steel prices tumbled on Friday as prospects of a sharp global economic downturn fanned fears of a slump in demand for commodities, despite signs of a rebound in manufacturing activity in top metals consumer China.
On the Singapore Exchange, the steelmaking ingredient’s front-month August contract was down 4.3% at $113.90 a tonne by 0703 GMT. “It’s not just China where steel output is under pressure,” said Warren Patterson, head of commodities strategy at ING. “Expectations of slowing economic growth, and the growing risk of recession, are clearly not great for global steel demand.”
A slowdown in China’s steel production also indicates its resolve to continue reducing annual output in line with its decarbonisation goals.
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