SINGAPORE: Dalian iron ore futures inched lower on Wednesday, as data showing a contraction in factory activity in top steel producer China weighed on sentiment.
The most-traded January iron ore on China’s Dalian Commodity Exchange fell 0.1% to 770.5 yuan ($107.79) a tonne as of 0230 GMT. On the Singapore Exchange, the benchmark December iron ore was up 0.3% at $101.05 a tonne. China’s factory activity contracted at a faster pace in November, an official survey showed, weighed down by Covid-19 curbs and softening global demand, underscoring the increasing pressure faced by the world’s second-largest economy.
The country reported 37,828 new Covid-19 infections on Nov. 29, of which 4,288 were symptomatic and 33,540 were asymptomatic, the National Health Commission said on Wednesday.
Market sentiment remains slightly buoyed by recent measures by the Chinese government to support the country’s beleaguered real estate sector, ANZ said in a research note.
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