BEIJING: China’s benchmark iron ore futures gained for the second straight session on Friday, rising more than 3% following gains in spot market, though demand for the steelmaking ingredient is expected to stay cool amid environment-related curbs.
The most-traded iron ore futures on the Dalian Commodity Exchange, for January delivery, gained as much as 3.5% to 692 yuan ($107.10) per tonne in morning session. They were up 2.9% as of 0330 GMT. Spot prices of iron ore with 62% iron content for delivery to China increased $4 to $109 per tonne on Thursday, according to SteelHome consultancy. However, analysts expect the rebound will not last as iron ore demand is still dampened by production cuts at mills.
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