Dalian iron ore dipped on Tuesday while the Singapore benchmark trimmed gains, as traders weighed China’s measures to revive its struggling property sector against the impact of likely steel output controls on demand for the steelmaking ingredient.
On the Dalian Mercantile Exchange DCIOcv1, January benchmark iron ore was down 0.6 percent in day trading at 846.50 yuan ($116.03) per metric ton, after four sessions of gains.
Except for iron ore, other steelmaking components continued to rise. Coking coal DJMcv1 rose 2.8 percent and coke DCJcv1 0.7 percent.
SZZFV3 ore on the Singapore Exchange rose 0.7% to $115.50 per tonne as of 07:45 GMT after previously hitting $117.25, the contract's strongest level since early April.
Steel gauges in Shanghai were also declining. Rebar SRBcv1 fell 1%, hot rolled coil SHHCcv1 0.7%, wire rod SWRcv1 0.6% and stainless steel SHSScv1 0.7%.
Iron ore, which was recorded at CME as 127 USD on Monday, fell to 126 USD on Tuesday.
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