AIRLINK 172.33 Decreased By ▼ -3.40 (-1.93%)
BOP 13.22 Increased By ▲ 0.10 (0.76%)
CNERGY 7.39 Decreased By ▼ -0.15 (-1.99%)
FCCL 43.36 Decreased By ▼ -0.55 (-1.25%)
FFL 14.90 Decreased By ▼ -0.11 (-0.73%)
FLYNG 26.46 Decreased By ▼ -0.44 (-1.64%)
HUBC 129.37 Decreased By ▼ -0.86 (-0.66%)
HUMNL 13.30 Decreased By ▼ -0.04 (-0.3%)
KEL 4.45 Decreased By ▼ -0.05 (-1.11%)
KOSM 6.00 Decreased By ▼ -0.06 (-0.99%)
MLCF 55.25 Decreased By ▼ -0.78 (-1.39%)
OGDC 213.29 Decreased By ▼ -1.48 (-0.69%)
PACE 5.90 Decreased By ▼ -0.08 (-1.34%)
PAEL 41.05 Increased By ▲ 0.15 (0.37%)
PIAHCLA 16.62 Increased By ▲ 0.30 (1.84%)
PIBTL 9.59 Decreased By ▼ -0.16 (-1.64%)
POWER 11.54 Decreased By ▼ -0.22 (-1.87%)
PPL 179.00 Decreased By ▼ -2.48 (-1.37%)
PRL 33.61 Decreased By ▼ -0.61 (-1.78%)
PTC 22.85 Decreased By ▼ -0.21 (-0.91%)
SEARL 94.15 Decreased By ▼ -1.57 (-1.64%)
SILK 1.17 Increased By ▲ 0.03 (2.63%)
SSGC 34.94 Decreased By ▼ -0.51 (-1.44%)
SYM 15.73 Decreased By ▼ -0.02 (-0.13%)
TELE 7.82 Decreased By ▼ -0.05 (-0.64%)
TPLP 10.84 Decreased By ▼ -0.14 (-1.28%)
TRG 60.67 Increased By ▲ 0.17 (0.28%)
WAVESAPP 10.70 Decreased By ▼ -0.11 (-1.02%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
YOUW 3.80 Increased By ▲ 0.03 (0.8%)
BR100 12,047 Decreased By -6.9 (-0.06%)
BR30 36,415 Decreased By -51.5 (-0.14%)
KSE100 113,773 Decreased By -583.6 (-0.51%)
KSE30 35,071 Decreased By -275.9 (-0.78%)

MANILA: Dalian iron ore was headed for its worst week since February 2020, falling for a fifth session in a row on Friday, as traders kept a wary eye on Chinese regulators’ intensified efforts to curb a recent surge in prices.

Top steel producer China’s state planner, the National Development and Reform Commission, on Thursday told some traders of the steelmaking ingredient to release excessive inventory and reduce stocks to reasonable levels.

The directive followed a joint investigation with the market regulator in Qingdao, one of the country’s biggest iron ore ports, where stockpiles had been found out to have increased rapidly amid suspicions of hoarding to drive up prices.

The most-traded iron ore for May delivery on China’s Dalian Commodity Exchange slumped as much as 4.8% to 661.50 yuan ($104.42) a tonne, its lowest since Dec. 29. It has fallen almost 18% this week.

On the Singapore Exchange, the front-month March contract shed as much as 5% to $125 a tonne, its weakest since Jan. 18.

Spot iron ore in China dipped to $134.50 a tonne on Thursday, the lowest since Jan. 19 and down almost 12% from a 5-1/2-month peak of $152.50 scaled on Feb. 10, SteelHome consultancy data showed.

Comments

Comments are closed.