Iron ore price volatile due to China measures; here's why
Iron ore futures prices declined in China, but the spot prices have continued to gain. Iron ore spot prices saw all-time highs of $235 per tonne in the month of May before a correction saw prices did go down to $185 on the lower side but it is now back above $210 at this point. Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
Iron ore futures prices declined in China, but the spot prices have continued to gain. Iron ore spot prices saw all-time highs of $235 per tonne in the month of May before a correction saw prices did go down to $185 on the lower side but it is now back above $210 at this point.
The futures prices are down by nearly 20 percent from their all-time highs in the month of May.
The commodity has seen huge volatility, especially because China has been talking about taking further restrictionary measures. China plans to step up an inspection in the spot markets this time around.
There are also plans to check market irregularities like hyping prices, hoarding and inventories that many of the manufacturers also hold.
Moreover, China imports have continued to decline. China imports from Australia fell specifically but the market believes that with the kind of steel production that China is still undertaking, there is going to be a requirement for iron ore.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
(Edited by : Abhishek Jha)
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