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Persistent weakness in global commodity prices suggest that recent optimism on China may be short lived. Over the past few days global energy prices have fallen, accompanied by some industrial metals.
Iron ore prices fell below $50/ton for the first time since July, data from metal bulletin shows. Benchmark iron ore with 62% ferrous content for immediate delivery dropped close to $49/ton in China. Steel industry, which rattled governments from India to UK is likely to suffer tougher time.
China, which is world's largest producer is exporting massive surplus across the globe, which saw prices dropped to lowest in more than a decade.
Market might soon focus back on China's economic weakness after the monetary easing optimism fades.
According to deputy head of China's Iron & Steel Association demand for steel in China is sinking faster than reduction in supply.
