* Iron ore shipments from Port Hedland to China up 9 pct in
* Shanghai rebar falls to lowest since late July
By Manolo Serapio Jr
MANILA, Sept 7 Chinese iron ore futures fell 2
percent on Wednesday as steel prices touched six-week lows after
recent gains, with expectations of additional supply this year
seen weighing on the steelmaking commodity.
"We remain bearish on the ferrous metals market," Hui Heng
Tan, analyst at Marex Spectron said in a note.
"With the continuing headwinds faced by demand,
macroeconomic conditions and the anticipated additional supplies
in the coming months, it does not bode well for iron (ore)
Iron ore shipments to China from Port Hedland terminal in
top exporter Australia rose to 35.44 million tonnes in August
from 32.5 million tonnes in July.
Cargoes from Port Hedland are likely to rise in coming
months as the new Roy Hill mine developed by Australian
billionairfe Gina Rinehart's Hancock Prospecting ramps up to
full capacity of around 55 million tonnes by year end.
Iron ore for January delivery on the Dalian Commodity
Exchange was down 2 percent at 414.50 yuan ($62) a
tonne by 0235 GMT.
On the Shanghai Futures Exchange, construction-used rebar
was down 3 percent at 2,357 yuan per tonne after
falling as far as 2,340 yuan, its weakest since July 27.
Some traders remain hopeful that steel prices in China, the
world's top consumer, will strengthen this month and next during
a a seasonally brisk period for demand.
"September and October are peak seasons for steel demand and
port stocks (of iron ore) are dropping so mills will be
restocking," said a Shanghai-based trader.
Inventory of imported iron ore at Chinese ports dropped for
a fifth week in a row to 103.8 million tonnes on Sept. 2,
according to SteelHome consultancy. SH-TOT-IRONINV
Iron ore for delivery to China's Tianjin port .IO62-CNI=SI
was little changed at $58.60 a tonne on Tuesday, according to
The Steel Index. The spot benchmark has gained 37 percent this
($1 = 6.6712 Chinese yuan)
(Reporting by Manolo Serapio Jr.)