SINGAPORE: Dalian iron ore futures declined on Thursday as market participants geared up for a sustained contraction in manufacturing activity in China.
The most-traded May iron ore on China’s Dalian Commodity Exchange was down 1.3% at 976 yuan ($137.48) per metric ton at closing. On the Singapore Exchange, the benchmark January iron ore was down 1.8% at $141.24 a ton, snapping a five-day winning streak.
China’s manufacturing activity likely contracted for the third consecutive month in December, a Reuters poll showed, weighed by soft demand for manufactured goods, a reading that would embolden calls for more policy support.
The country will strive to expand domestic demand, ensure a speedy economic recovery and promote stable growth, according to an interim report of the country’s 14th five-year plan published by parliament on Wednesday.
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