Market turns bearish ahead of Party Congress

摘要

Iron ore prices started to soften around mid-September on bearishness in the futuresmarkets but underlying demand for steelin China remains strong and it would be asurprise if spot prices retreated much further.It depends on the extent of productioncurtailments from next month. At this stage,most steel producers are unsure how theywill be impacted, and crude steel productionremains at record levels. Underlying demandfrom the construction and manufacturingsegments remains robust despite a weakerproperty market in recent weeks.