{"id":1130814,"date":"2019-08-05T13:16:48","date_gmt":"2019-08-05T18:16:48","guid":{"rendered":"https:\/\/www.mining.com\/?p=998484"},"modified":"2019-08-05T13:16:48","modified_gmt":"2019-08-05T18:16:48","slug":"iron-ore-futures-down","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1130814","title":{"rendered":"Iron ore futures down"},"content":{"rendered":"<p>Even though at the beginning of the month iron ore was trading above <a rel=\"noreferrer noopener\" aria-label=\"$120 a tonne (opens in a new tab)\" href=\"https:\/\/www.mining.com\/iron-ore-prices-help-rio-tinto-fork-out-1bn-divvy-despite-oyu-tolgois-setback\/\" >$120 a tonne<\/a>, the highest in more than five years, prices are starting to come down a bit, closing at about $100 a tone in the last market session.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Prices are being affected by a pick-up in supply aided by Brazil\u2019s Vale (NYSE<g class=\"gr_ gr_5 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Style replaceWithoutSep\" id=\"5\" data-gr-id=\"5\">:VALE<\/g>) incessant efforts to restore capacity after the <a rel=\"noreferrer noopener\" aria-label=\"Brumardinho dam burst (opens in a new tab)\" href=\"https:\/\/www.mining.com\/vale-faces-investors-lawsuit-linked-to-brumadinho-dam-burst\/\" >Brumardinho dam burst<\/a> in January. U.S. President Donald Trump\u2019s trade war with China, fueled by a recent proposal to slap an additional 10% tariff on $300 billion of Chinese imports from September 1, is also taking a toll on the value of iron ore as mills&#8217; demand is starting to cool off.<\/p>\n<p>However, futures are the hardest hit by the current state of affairs. According to Bloomberg, futures in Singapore fell as much as 8.6% to $94.32 a tonne, with ore for September closing around 7.3% lower at $95.63 a tonne. Benchmark spot material dropped to $99.50 a tonne on Monday.\u00a0<\/p>\n<p>Also, last week, the <a href=\"https:\/\/www.mining.com\/web\/china-iron-ore-falls-most-in-4-weeks-amid-vale-optimism-demand-concerns\/\"  rel=\"noreferrer noopener\" aria-label=\"most-traded iron ore (opens in a new tab)\">most-traded iron ore<\/a> on the Dalian Commodity Exchange, with January 2020 expiry, slumped 4.2% to 724.50 yuan or $102.76 a tonne, the sharpest one-day fall since July 5.<\/p>\n<p>\u201cMiners\u2019 shares retreated, with markets focused on the consequences of China allowing the yuan to weaken to the lowest in more than a decade,\u201d Bloomberg\u2019s analysis reads. The Chinese currency sunk beyond 7 per dollar for the first time since 2008.<\/p>\n<p>Experts quoted by the media outlet say that the situation with the yuan paired with uncertainty around the Washington-Beijing trade relations spurs concerns about economic growth and has had an impact on investors&#8217; interest in raw materials.<\/p>\n<p><a rel=\"noreferrer noopener\" aria-label=\"Fortescue (opens in a new tab)\" href=\"https:\/\/www.mining.com\/fortescue-oks-2-6b-expansion-iron-bridge-magnetite-project\/\" >Fortescue<\/a> (ASX<g class=\"gr_ gr_3 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Style replaceWithoutSep\" id=\"3\" data-gr-id=\"3\">:FMG<\/g>) shares fell by 7.2% in Sydney, while Vale\u2019s slumped as much as 5.5% in Sao Paulo.<\/p>\n<p>Manufacturing has also started to slow down, with key markets such as Germany dropping its crude steel output by 5.8% y-o-y, Turkey by 11% y-o-y, France by 3.4% y-o-y, and Brazil\u2019s by 3.1%.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ore for September closed around 7.3% lower at $95.63 a tonne in Singapore. Benchmark spot material dropped to $99.50 a tonne on Monday.<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1130814"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1130814"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1130814\/revisions"}],"predecessor-version":[{"id":1130969,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1130814\/revisions\/1130969"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1130814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1130814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1130814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}