MANILA: Dalian iron ore was on track for its first weekly loss, after advancing for four straight weeks, dragged down by worries about top steel producer China’s stringent zero-Covid rules and restrictions ahead of the ruling Communist Party Congress.
Prices of the steelmaking ingredient, however, were supported in Singapore on Friday ahead of China’s September trade data release, and after the People’s Bank of China signalled stronger support for the real economy.
The most-traded January iron ore on China’s Dalian Commodity Exchange ended morning trade 0.3% lower at 704.50 yuan ($98.19) a tonne. On the Singapore Exchange, benchmark November iron ore rose 2% to $93.85 a tonne after a three-day slump. Ahead of the party congress that begins on Sunday, Beijing signalled it is sticking with its zero-tolerance approach to Covid-19, dashing hopes of an immediate relaxation of a policy that has slowed down the economy.
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