MANILA: Dalian and Singapore iron ore futures fell on Friday and were set for a weekly drop, as concerns grew about demand for the steelmaking ingredient in China amid a sputtering economy.
The most-traded iron ore, for January delivery, on China’s Dalian Commodity Exchange fell as much as 2.2% to 672 yuan ($98.69) a tonne, its lowest since July 27.
On the Singapore Exchange, the most-traded October contract dipped 1.3% to $100.40 a tonne. A heatwave in top steel producer China has prompted electricity rationing, forcing some mills to halt operations. That has added to concerns about iron ore demand.
Analysts have warned that demand is likely to remain weak in China due to mandatory steel output limits, a property-sector downturn and COVID-19 restrictions.
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