Iron ore futures in China fell to their weakest level in a month on Monday, as demand for steel raw materials remains weak from a global buyer, keeping stocks in their ports close to record levels.
The timely arrival of goods in China was also due to the absence of disruptions to the leading suppliers of iron ore in Australia and Brazil due to weather conditions, which can be negative at this time of year.
“Exports from Australia and Brazil are usually subject to weather-related issues in the first few months of the year, but there have been few disruptions so far,” ANZ analysts said in a note.
Iron ore for May delivery on the Dalian Mercantile Exchange fell 0.9 percent to 517 yuan ($ 82) a tonne, after hitting 512.50 yuan earlier, the lowest since December 28.
Iron ore imports at China's major ports fell for the first time in 15 weeks, although levels were only slightly below record levels.
According to the consulting company SteelHome, the port's reserves fell by 1.3 million tons to 153.13 million tons.
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