The most-traded May iron ore on China's Dalian Commodity Exchange dropped 0.5% to 985.50 yuan per metric ton, while the most active February iron ore on the Singapore Exchange was down 0.8% at $134.35 a ton. Despite the daily fluctuations, Dalian iron saw a weekly gain of 4.3%, the largest since November 2023, and the Singapore iron ore contract increased by 4.2%, marking its best week since last November.
China's central bank recently implemented a significant reduction in banks' reserve requirements, injecting around $140 billion into the banking system. Reports indicated that Chinese authorities were contemplating mobilizing approximately 2 trillion yuan ($278.61 billion) to stabilize the stock market, contributing to improved risk sentiment.
Citi analysts noted that further policy easing could positively impact prices, and they anticipate more supportive fundamentals after the Chinese New Year in mid-February. Tangshan city in Hebei province declared a level 2 emergency response due to severe air pollution starting January 26, potentially impacting steel production in the region. Steel benchmarks on the Shanghai Futures Exchange showed mixed results, with various steel contracts experiencing slight declines. Additionally, Dalian coking coal and coke prices recorded decreases.
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