MANILA: Iron ore futures rose on Friday, with Singapore’s benchmark contract rebounding after a five-session sell-off, as a recovery in steel margins in China eased concerns over weak demand for the steelmaking ingredient.
Iron ore, however, was set for weekly losses amid worries about China’s ailing property sector, COVID-19 curbs, steel production cuts, and Sino-US tensions over Taiwan.
Iron ore’s front-month September contract on the Singapore Exchange climbed by up to 4.3% to $110.30 a tonne, after touching its weakest since July 25 at $104.70 on Thursday.
Comments
Comments are closed.