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Iron ore slips after 3-day rally, but bullish China demand view intact

Published 02/06/2020, 01:29 pm
Updated 02/06/2020, 01:30 pm
© Reuters.

* Dalian iron ore down after 3 days of gains, SGX iron ore up

* Tangshan city steel output curbs may drive prices higher

By Enrico Dela Cruz

MANILA, June 2 (Reuters) - Chinese iron ore futures edged down on Tuesday after three straight sessions of sharp gains, though losses were capped by a buoyant demand outlook for the steelmaking ingredient in China and concerns over supply from Brazil.

The Dalian Commodity Exchange's most-traded September iron ore contract DCIOcv1 was down 0.3% to 754 yuan ($105.88) a tonne by 0256 GMT. The most-active July contract on the Singapore Exchange, however, edged up 0.4% to $97.64 a tonne.

Indicating a solid recovery in demand as the world's second-biggest economy eased its coronavirus restrictions, shrinking steel inventories in top producer China have prompted mills to ramp up output, boosting demand for iron ore.

Dalian iron ore has so far gained about 30% in the second quarter while spot prices are currently at 10-month highs.

Benchmark 62% iron ore's spot price steadied at $102.50 a tonne on Monday, the highest since Aug. 5, SteelHome consultancy data showed. SH-CCN-IRNOR62

A new round of anti-pollution output curbs this month in China's top steel-producing city of Tangshan may result in a further reduction in steel inventories, which will drive steel prices higher, said Helen Lau, an analyst at Argonaut Securities.

"Looking ahead, (China's) steel demand will continue to be underpinned by the infrastructure and property sectors," she said in a note. "This, combined with supply risks from Brazil, imply that iron ore may continue to test new highs."

Rising coronavirus infections in Brazil, the second worst-hit country in the world after the United States, could trigger mine closures and further movement restrictions, tightening global iron ore supply.

FUNDAMENTALS

* Construction steel rebar on the Shanghai Futures Exchange SRBcv1 rose 0.5% and hot-rolled coil SHHCcv1 edged up 0.1%, while stainless steel SHSScv1 slipped 0.2%.

* Coking coal DJMcv1 gained 0.2%, while coke DCJcv1 advanced 1.4%.

($1 = 7.1214 yuan)

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