SINGAPORE: Iron ore futures edged lower on Friday after a brief bounce in the previous session, dragged lower by a faltering property sector and steel production restrictions.
The most-traded September iron ore on China’s Dalian Commodity Exchange ended daytime trade 0.1% lower at 846.5 yuan ($118.09) per metric ton. On the Singapore Exchange, the benchmark August iron ore was down 0.9% at $113.8 per metric ton, as of 0710 GMT.
According to Mysteel reports, most re-rollers in top steel production hub Tangshan implemented production restrictions on Friday, resulting in the operating rate among the surveyed 35 re-rollers falling to 12.77% from 46.81% on Wednesday.
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