AIRLINK 65.20 Decreased By ▼ -0.70 (-1.06%)
BOP 5.57 Decreased By ▼ -0.12 (-2.11%)
CNERGY 4.56 Decreased By ▼ -0.09 (-1.94%)
DFML 24.52 Increased By ▲ 1.67 (7.31%)
DGKC 69.96 Decreased By ▼ -0.74 (-1.05%)
FCCL 20.30 Decreased By ▼ -0.05 (-0.25%)
FFBL 29.11 No Change ▼ 0.00 (0%)
FFL 9.83 Decreased By ▼ -0.10 (-1.01%)
GGL 10.01 Decreased By ▼ -0.07 (-0.69%)
HBL 114.25 Decreased By ▼ -1.00 (-0.87%)
HUBC 129.10 Decreased By ▼ -0.40 (-0.31%)
HUMNL 6.71 Increased By ▲ 0.01 (0.15%)
KEL 4.44 Increased By ▲ 0.06 (1.37%)
KOSM 4.89 Decreased By ▼ -0.13 (-2.59%)
MLCF 37.00 Increased By ▲ 0.04 (0.11%)
OGDC 132.30 Increased By ▲ 1.10 (0.84%)
PAEL 22.54 Increased By ▲ 0.06 (0.27%)
PIAA 25.89 Decreased By ▼ -0.41 (-1.56%)
PIBTL 6.60 Increased By ▲ 0.07 (1.07%)
PPL 112.85 Increased By ▲ 0.73 (0.65%)
PRL 29.41 Increased By ▲ 1.02 (3.59%)
PTC 15.24 Decreased By ▼ -0.87 (-5.4%)
SEARL 57.03 Decreased By ▼ -1.26 (-2.16%)
SNGP 66.45 Increased By ▲ 0.76 (1.16%)
SSGC 10.98 Decreased By ▼ -0.04 (-0.36%)
TELE 8.80 Decreased By ▼ -0.14 (-1.57%)
TPLP 11.70 Increased By ▲ 0.17 (1.47%)
TRG 68.62 Decreased By ▼ -0.62 (-0.9%)
UNITY 23.40 Decreased By ▼ -0.55 (-2.3%)
WTL 1.38 Increased By ▲ 0.03 (2.22%)
BR100 7,295 Decreased By -9.1 (-0.12%)
BR30 23,854 Decreased By -96 (-0.4%)
KSE100 70,290 Decreased By -43.2 (-0.06%)
KSE30 23,171 Increased By 50.4 (0.22%)

SINGAPORE: Dalian iron ore futures hit a one-week low on Tuesday, as the Chinese government continued to monitor prices and intervene in the market to curb a price rally.

The most-traded January iron ore on China’s Dalian Commodity Exchange recorded its steepest declines in two weeks and fell 2.3% to 954 yuan ($133.41) per metric ton as of 0240 GMT.

On the Singapore Exchange, the benchmark December iron ore was down 3.1% at $132.69 a ton.

“Borrowing a wrestling term, we are now witnessing high-frequency smackdowns by the Chinese authorities, as they intervene in the market for the fourth time in the last seven days,” said Atilla Widnell, managing director at Navigate Commodities.

“Authorities believe that iron ore prices do not align with supply and demand, as the market reacts to optimism stemming from a successful bailout of beleaguered property developers.”

China’s state planner said on Friday it would strengthen the supervision of iron ore at ports and guard against hoarding and speculation in order to maintain an orderly market.

China’s state planner said on Monday that it had conducted a survey on the price indices of several commodities, including steel and iron ore.

The move by the pricing monitoring centre of the Development and Reform Commission (NDRC) came after the NDRC issued two warnings on reinforcing the supervision on the iron ore market in the past week.

Iron ore eases after China intensifies intervention

Other steelmaking ingredients continued to rally on expectation of tightening supply following production suspension at a few mines in top coal production hub north China’s Shanxi province after mining accidents surged.

Dalian coking coal and coke inched up 1.5% and 0.3%, respectively.

Steel benchmarks on the Shanghai Futures Exchange were mostly up/down.

The most-active rebar contract strengthened 0.8%, hot-rolled coil dropped 0.5%, wire rod increased 0.6%, and stainless steel gained 0.2%.

Comments

200 characters