China’s property sector “grief” is poised to keep downward pressure on steel demand for some time yet, analysts said.
In a note, Liberum Capital’s Tom Price said “we’re usually constructive on iron ore’s demand and price outlook during December to May, sometimes even short-term bulls” but not this year.Mr Price said the slide to start 2024 “is now looking weaker” than a year ago. While industry checks confirm a “downbeat mood”, he said the sell-off has been more bearish than expected.
In a note, ING Economics said reports suggested that major steel mills in Guangdong province in China will start slashing their production levels on falling steel prices. Data also showed that port inventories of iron ore were at their highest in a year, though the rise was mostly seasonal.
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