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) was down 1% at 830 yuan ($114.14) a metric ton, as of 0205 GMT.
The benchmark August iron ore on the Singapore Exchange was up 0.2% at $108.6 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.
Other steelmaking ingredients on the DCE were mixed, with coking coal up 0.5% and coke down 0.4%. Steel benchmarks on the Shanghai Futures Exchange trended down. Rebar eased 0.7%, hot-rolled coil slipped 0.6%, wire rod shed 0.3%, and stainless steel lost 0.7%.
Comments
Comments are closed.