SINGAPORE: Iron ore futures struggled for direction on Thursday as investors weighed robust shipments by Australian mining companies against Chinese monetary policy support.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.13 percent lower at 785 yuan (USD112.75). The benchmark February iron ore on the Singapore Exchange was 0.06percent higher at USD103.25 a ton, as of 0344 GMT.
Australia’s Fortescue posted a 2 percent rise in second-quarter iron ore shipments, supported by the resilient performance of its Iron Bridge project alongside an uptick in output from its hematite operations.
It maintained its forecast for fiscal 2025/26 shipments, with quarterly iron ore shipments remaining at 50.5 million tons. An increase in iron ore shipments from Australia to China would exert downward pressure on Chinese iron ore prices.
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