Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) reversed last week’s gains and fell on Monday, down nearly 4% in early trades to CNY 621 per tonne after China’s iron-ore imports hit 19-month highs in August.
China’s iron ore imports rebounded 21% in July as shipments grew from big miners in Australia and Brazil, pushing inventory of imported iron ore at Chinese ports to 125.25 million tonnes by the end of August, according to data compiled by SteelHome consultancy.
The drop in the ferrous metal’s prices could keep the renewed upside attempts seen in the AUD/USD pair limited. The spot currently trades near-daily tops of 0.6855, helped by a bigger-than-expected rise in the Australian Home Loan data.
It’s worth noting that iron-ore, one of Australia’s top exports, is seen correcting from a bear market seen end-August.
AUD/USD Technical levels to watch
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