Temporary Mill Shutdowns in China May Halt Advancing Iron Ore Prices
08/25/2016 - Amid reports of orders for Chinese mills to shut down during the G20 summit in Hangzhou early next month, iron ore traders are likely to be keeping a close eye on the markets for signs of a retreat in prices.
According to the (London) Financial Times, weakening steel demand in the second half of this year could bring a halt to advancing iron ore prices, and the shut downs could be the trigger point, according to the Financial Times.
“Given that China’s construction activity eases over September to October, this event may act as a catalyst for a sell-off,” analysts at Morgan Stanley said, according to the newspaper.
