AIRLINK 170.57 Decreased By ▼ -2.58 (-1.49%)
BOP 11.18 Increased By ▲ 0.53 (4.98%)
CNERGY 8.41 Decreased By ▼ -0.11 (-1.29%)
CPHL 99.73 Increased By ▲ 2.27 (2.33%)
FCCL 46.60 Decreased By ▼ -0.65 (-1.38%)
FFL 15.15 Decreased By ▼ -0.27 (-1.75%)
FLYNG 27.55 Decreased By ▼ -0.58 (-2.06%)
HUBC 137.78 Decreased By ▼ -1.13 (-0.81%)
HUMNL 12.92 Increased By ▲ 0.11 (0.86%)
KEL 4.54 No Change ▼ 0.00 (0%)
KOSM 5.36 Decreased By ▼ -0.19 (-3.42%)
MLCF 62.40 Increased By ▲ 0.14 (0.22%)
OGDC 212.16 Decreased By ▼ -2.59 (-1.21%)
PACE 5.42 Decreased By ▼ -0.13 (-2.34%)
PAEL 47.18 Increased By ▲ 2.32 (5.17%)
PIAHCLA 18.48 Decreased By ▼ -0.22 (-1.18%)
PIBTL 10.36 Decreased By ▼ -0.38 (-3.54%)
POWER 12.33 Increased By ▲ 0.07 (0.57%)
PPL 169.60 Decreased By ▼ -4.27 (-2.46%)
PRL 35.85 Decreased By ▼ -0.37 (-1.02%)
PTC 23.09 Decreased By ▼ -0.47 (-1.99%)
SEARL 96.26 Increased By ▲ 0.95 (1%)
SSGC 39.52 Increased By ▲ 0.39 (1%)
SYM 13.84 Decreased By ▼ -0.18 (-1.28%)
TELE 7.15 Decreased By ▼ -0.08 (-1.11%)
TPLP 10.03 Decreased By ▼ -0.26 (-2.53%)
TRG 63.48 Decreased By ▼ -1.20 (-1.86%)
WAVESAPP 9.99 Decreased By ▼ -0.05 (-0.5%)
WTL 1.31 Decreased By ▼ -0.02 (-1.5%)
YOUW 3.66 Decreased By ▼ -0.04 (-1.08%)
BR100 12,305 Decreased By -186.6 (-1.49%)
BR30 37,415 Decreased By -278.7 (-0.74%)
KSE100 114,853 Decreased By -1335.9 (-1.15%)
KSE30 35,217 Decreased By -533.1 (-1.49%)

BEIJING: Singapore iron ore futures fell below the $100-per-metric-ton key psychological level on Friday as some traders liquidated long positions on faltering demand, after most steelmakers in top buyer China completed pre-holiday restocking of feedstocks.

The benchmark February iron ore on the Singapore Exchange was 2.67% lower at $98.2 a ton, as of 0353 GMT, the lowest since Nov. 18.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 2.37% lower at 762.5 yuan ($104.46) a ton, the lowest since Dec. 30.

Both benchmarks were on track for a third straight weekly fall, shedding 0.3% and 0.7%, respectively, mainly dragged down by seasonally diminishing demand for the key steelmaking ingredient.

Dalian iron ore fell 16% in 2024 and Singapore benchmark dropped 18.5%.

Average daily hot metal output among steelmakers surveyed fell for a seventh straight week, down 1.2% to the lowest since late September at 2.25 million tons, as of Jan 2, data from consultancy Mysteel showed.

Iron ore futures consolidate

“Some bulls closed positions as downside risks mounted with more steel mills recently starting equipment maintenance, which weighed on buying appetite for feedstocks including iron ore,” said Steven Yu, senior analyst at Mysteel.

“Moreover, iron ore shipments have showed signs of picking up.”

The Chinese New Year starts from Jan. 28 and domestic steelmakers usually build up stocks to meet production needs during and after the holidays.

Other steelmaking ingredients on the DCE retreated, with coking coal and coke down 2.34% and 3.16%, respectively.

Steel benchmarks on the Shanghai Futures Exchange weakened.

Rebar lost 1.27%, hot-rolled coil shed 1.32%, and stainless steel dipped 0.63%.

The ferrous market has been weak despite Beijing reiterating support for a subsidy programme for large-scale equipment upgrades for businesses and durable goods trade-in.

Comments

200 characters