鐵礦石跌至每噸60美元以下

Iron ore suffered another day of losses with the steelmaking commodity sinking below $60 a tonne as a speculative frenzy in China cooled following pressure from local exchanges and regulators.

隨着中國的交易所和監管機構施加壓力，國內投機狂潮冷卻，鐵礦石這種鍊鋼用大宗商品又遭受一日下跌，跌至每噸60美元以下。

Chinese iron ore futures experienced a surge in trading volumes last month as speculators piled into the market, looking for quick and easy ways to bet on a pick-up in construction activity and rising steel production.

中國鐵礦石期貨上個月經歷了交易量激增——投機者紛紛涌入市場，尋找快捷簡單的方式押注建築業活動和鋼鐵生產回暖。

The frenzied trading on domestic Chinese exchanges pushed prices higher and fed through into the physical market where iron ore was trading at almost $70 a tonne late last month — its highest level in more than a year and almost 50 per cent above its January lows.

中國國內交易所的瘋狂交易推升鐵礦石價格不斷走高，並影響到現貨市場，上個月末鐵礦石交易價升至近每噸70美元，達到一年多以來最高水平，比1月的低點高出近50%。

However, volumes for iron ore steel, steel and coking coal are waning after Chinese exchanges have raised fees and margins and regulators have issued stern warnings about the dangers of speculative trading.

但隨着中國交易所上調手續費和最低保證金，監管機構也發出嚴厲警告提醒投機性交易的危險，鐵礦石、鋼材和焦煤的交易量正在走低。

Turnover in the most active iron ore contract on the Dalian Commodities Exchange (DCE) was 2.2m lots on Thursday, down from nearly 7m at the height of the trading frenzy two weeks ago. Trading in Chinese steel futures has also slowed and the price has declined.

週四，交易最活躍的鐵礦石合同在大連商品交易所(DCE)的成交量爲220萬手，兩週前交易最瘋狂時期這個數字曾達到近700萬手。中國鋼材期貨的交易也有所放緩，價格有所下降。

On Thursday, iron ore for immediate delivery into China was down $1.50, or 2.5 per cent, to $59.50 a tonne, according to the Steel Index, taking losses over the past two weeks to almost 14 per cent.

週四，據鋼鐵指數(TSI)數據，即期交付到中國的鐵礦石下跌1.50美元至每噸59.50美元，跌幅2.5%，使過去兩週跌幅達到近14%。

Analysts say there are reasons to think iron ore will not revisit the $40 a tonne level hit in January when markets were gripped by fears of slowing growth in China.

分析師表示，有理由相信鐵礦石價格不會重回今年1月每噸40美元的水平——當時對中國經濟增長放緩的擔心左右了市場。

They point out the trigger for the speculative interest in steel-related commodities was grounded in fundamentals — a credit surge engineered by Chinese policymakers earlier this year to prop up the economy and its currency.

他們指出，對鋼鐵相關的大宗商品的投機興趣源於基本面因素——今年早些時候中國政策制定者爲支撐中國經濟和人民幣而導演的信貸激增。

This led to a pick-up in construction activity and stoked investor appetite for ways to bet on the Chinese economy.

此舉使得建築業活動回暖，並激起了投資者尋找途徑押注中國經濟的慾望。

“Both the physical trade and China’s speculators are responding to the year-to-date lift in credit liquidity in China’s economy,” said Morgan Stanley analyst Tom Price.

摩根士丹利(Morgan Stanley)分析師湯姆•普賴斯(Tom Price)表示：“實物貿易與中國的投機者都在對中國經濟年初至今的信貸流動性提升做出反應。”