Commodities
Iron Ore Falls to Four-Month Low on Weak China Steel Demand
- Vale said it will seek to increase sales outside of China
- Steel stockpiles at mills in mid-February jumped 26%: CISA
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Iron ore fell to the lowest since October — after dropping almost 9% last week — with hopes for a rebound in Chinese steel demand following the Lunar New Year holidays fading.
Futures for the steelmaking ingredient lost as much as 3.6% in Singapore on Monday, a worrying sign given that March and April, typically busy months for construction in China, are fast approaching. Vale SA, the world’s second-largest iron ore producer, said it’s seeking to increase its sales outside of China, an indication that miners aren’t optimistic about a revival.