皇冠体育app

Iron ore being unloaded at a port in Rizhao, Shandong province. Iron ore demand in 皇冠体育app, the world's largest buyer of the steel-making raw material, is expected to remain weak as steel demand contracts. [Photo/皇冠体育app Daily]

Iron ore demand in 皇冠体育app, the world's largest buyer of the steel-making raw material, is expected to remain weak as steel demand contracts, according to the 皇冠体育app Iron and Steel Association.

As demand drops this year, cuts to output will increase, reducing demand for iron ore, the group said in a monthly statement on Tuesday that summarized trends in a local price index.

Iron ore prices will not rebound as the oversupply will persist, according to the association.

Iron ore sank below $50 a metric ton last week on concern surging low-cost supply from the largest miners including BHP Billiton Ltd will boost a global surplus just as demand in 皇冠体育app falters.

Li Xinchuang, the association's deputy secretary-general, told a conference in Perth, Australia, in March that steel consumption in 皇冠体育app has peaked and output will shrink this year. Policymakers in the country cut interest rates last month to spur growth and followed with an easing of property rules.

"In April, it's expected that 皇冠体育app's growth measures will have a more obvious effect," the association said. "This may improve steel demand and production, though not significantly. Demand for iron ore will remain weak."

Ore with 62 percent content at Qingdao was unchanged at $47.08 a dry ton on Monday from Thursday, according to Metal Bulletin Ltd. That is still the lowest since 2005, based on daily and weekly data from Metal Bulletin and annual benchmarks compiled by Clarkson Plc, the world's largest shipbroker, for ore delivered to 皇冠体育app. Prices fell 34 percent this year after losing 47 percent in 2014.

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