Dalian iron ore futures decreased on Friday. Traders are expected to reassess demand prospects in China, the largest steelmaker, and cut back on their weekly losses in the face of market regulators' excessive price speculation.
The most active May contract on China's Dalian Mercantile Exchange DCIOcv1 closed its daytime trading down by 0.4% at 853.50 yuan ($126.52) after previously hitting a two-week low of 834 yuan. The contract has decreased by 1.2% so far during the week.
On the Singapore Stock Exchange, March iron ore SZZFH3 headed for its first weekly decrease this year, but was $125.10/tonne, up 0.8% on Friday from Thursday.
Iron ore and steel prices in China reached their highest level in several months in January as markets recovered since November, with growing policy support for the country's troubled real estate sector and the lifting of strict COVID-19 restrictions.
Supply-side risks also suppressed market sentiment.
Dalian coking coal DJMcv1 rincreased 0.3%, but coke DCJcv1 decreased by 1.1%.
Rebar SRBcv1 decreased by 0.8%, hot-rolled coil SHHCcv1 down by 0.4% and wire rod SWRcv1 decreased by 1% to the steel benchmarks on the Shanghai Futures Exchange. Stainless steel SHSScv1 decreased by 0.7%.
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