Original title: fall below $100! In just two months, the price of iron ore has almost halved. Source: Wall Street
Iron ore futures are down more than 20 per cent this week and have fallen by more than half since peaking in May, compared with aluminium surging to 13-year highs, natural gas prices continuing to hit record highs and coal futures hitting record highs. Iron ore is becoming one of the worst-performing major commodities.
More than ten minutes before the US stock market opened on Friday, September 17, the main contract of Singapore iron ore index futures fell below US $100 per ton, down more than 7%, the lowest level in 14 months since July 2020.
Iron ore futures are down more than 20% this week and have fallen by more than half since peaking in May.Iron ore is becoming one of the worst-performing major commodities compared with aluminium surging to 13-year highs, natural gas prices continuing to hit record highs and coal futures hitting record highs.
Affected by this, US stocks opened slightly lower, while iron ore stocks generally fell:
BHP Group Ltd and Rio Tinto PLC both fell more than 3 per cent. Meanwhile, BHP Group Ltd (London share price) and Vale SA US stock ADR both fell more than 4 per cent, Rio Tinto PLC (London share price) fell more than 3.7 per cent, and ArcelorMittal (Holland stock) fell more than 3.4 per cent. Us steel fell more than 6%, breaking its intraday low since July 28 to below $23.70, while Yellian Technology fell more than 1.9%.
Analysts say iron ore prices falling into double digits for the first time since July last year will be gratifying to steelmakers, but it is a blow to the world's top mining companies that made huge profits during the rise in prices in the first half of the year. it is also bad news for major iron ore producers such as Australia.
CCTV Finance pointed out nearly a month ago that with the sharp drop in spot prices, some traders suffered serious potential losses and were eager to reduce inventory and stop losses in time. However, the current downstream procurement enthusiasm is low, the market trading atmosphere is depressed, resulting in the trading side of iron ore procurement and shipping pace has slowed down.