NEW DELHI: Dalian iron ore futures prices fell on Tuesday, weighed down by concerns about demand in top consumer China, although investors hoped for more stimulus from a key meeting next week.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.5% lower at 834 yuan ($114.70) a metric ton.
The benchmark August iron ore on the Singapore Exchange was up 1% at $109.4 a ton.
“The market is hopeful that China’s Third Plenum will reveal further stimulus measures,” ANZ Research said in a note.
Economists and investors are awaiting for the Third Plenum to be held on July 15-18 with hundreds of China’s top Communist Party officials gathering in Beijing for the five-yearly meeting.
Iron ore falls on demand concerns, high stocks
Other steelmaking ingredients on the DCE were mixed, with coking coal up 0.3% and coke down 0.2%.
Steel benchmarks on the Shanghai Futures Exchange trended down.
Rebar eased 0.5%, hot-rolled coil slipped 0.6%, wire rod shed 0.6%, and stainless steel lost 1.7%.
Comments
Comments are closed.