Latest news with #US90
West Australian
10 hours ago
- Business
- West Australian
Iron ore extends drop towards $US90/t as Citi cuts outlook
Iron ore headed for the lowest close since September on a seasonal slowdown in demand and signs Chinese mills are curbing steel output. Futures fell for a fourth day in Singapore, sinking below $US93 a tonne. The rainy season in southern China, as well as high temperatures in the north, have persisted, slowing construction, Shanghai Metals Market said in a note. On Monday, figures from China — the top iron ore importer — showed nationwide steel output in May was below April's total on a daily basis, and almost 7 per cent less than a year ago. It was the weakest showing for the month since 2018. The steel-making staple has been under pressure in recent weeks as traders eye a slower pace of construction into the summer, as well as a push by authorities in China to curb steel output to combat a glut. Futures are coming off the back of a four-week losing run that was the longest since January. 'Steel demand in China is likely to remain weak over the coming months over the upcoming seasonal lull,' Citigroup said in a note, cutting iron ore forecasts. China's property market weakness is showing no signs of a turnaround, and manufacturing faces increased trade headwinds, they said. The bank's prompt-to-three month price forecast was reduced to $US90/t from $US100, while the six-to-12 month target was scaled back to $US85 from $US90. On the supply side, miners in Brazil — the largest shipper after Australia — have been ramping up flows. Exports totalled 35.077 million tons in May, narrowly setting a record for that month. Iron ore futures fell as much as 1.2 per cent to $US92.90/t in Singapore, before trading at $US93 at 11.44am. Steel futures in China also declined. Copper and other industrial metals were lower as investors monitored the Israel-Iran conflict and appetite for risk assets. US President Donald Trump called for the evacuation of Tehran, in comments that contrasted with earlier optimism the situation wouldn't escalate into a wider conflict. Bloomberg
AU Financial Review
15-05-2025
- Business
- AU Financial Review
US-China trade clash risks making Europe dumping ground
London/Beijing | China's widening trade surplus with the European Union is fuelling fresh concerns that the 27-nation bloc risks becoming a dumping ground for cheap goods in the volatile tariff confrontation between Washington and Beijing. As European officials step up vigilance to ward off a flood of Chinese goods facing higher barriers to get into the US, data already indicate that China's surplus with the EU reached a record $US90 billion ($140 billion) in the first four months of this year.
