Chinese steel export declinebad for iron ore: ANZ

摘要

With the fall in new Chinesesteel export orders in September likelypressuring domestic prices into October —as increased supply enters the saturateddomestic market — seaborne iron oreprices could take a hit, ANZ analysts saidin a note Thursday.ANZ said China’s new steel exportorders sank in September, demonstratedby an extremely weak PurchasingManagers Index reading of 40.0, downfrom 54.5 in August. A PMI readingbelow 50 signifies a contraction in manufacturingactivity, while above demonstratesexpansion.