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Iron ore little changed as China data, stimulus frustration weigh

Iron ore futures costs traded within a narrow range on Tuesday as investors assessed a. multitude of softer economic information in China, after the top customer's. latest stimulus steps underwhelmed and took the wind out of. markets in the previous session.

The most-traded January iron ore contract on China's Dalian. Commodity Exchange (DCE) traded 0.07% lower at 763.5. yuan ($ 105.58) a metric ton, since 0250 GMT.

The contract had plunged by as much as 3.5% to a two-week. low of 754.0 yuan in the previous session.

The benchmark December iron ore on the Singapore. Exchange was 0.16% lower at $100.5 a ton.

New bank financing in China toppled more than anticipated to a. three-month low in October, data showed on Monday, as a ramp-up. of policy stimulus to uphold a wavering economy stopped working to. increase credit need.

The world's second-largest economy had actually revealed a 10. trillion yuan debt package on Friday to relieve city government. financing strains and stabilise flagging economic growth, as it. faces fresh pressure from the re-election of Donald Trump as. U.S. president.

An absence of further support for China's property market. weighed on the iron ore market and was intensified by signs of. weak demand, said ANZ analysts in a note.

Port holdings of iron ore in China have broadened for the. past 4 weeks to be at their highest level given that early. September, ANZ included.

Chinese imported iron ore rates continued losing ground in. both portside and seaborne markets on Nov. 11, while trading for. port stocks cooled as well, Chinese consultancy Mysteel stated.

Other steelmaking components on the DCE were weaker, with. coking coal and coke down 1.84% and 1.56%,. respectively.

Steel benchmarks on the Shanghai Futures Exchange lost. ground. Rebar shed abuot 0.8%, hot-rolled coil. dropped almost 0.7%, wire rod dipped about. 0.2% and stainless steel declined by 0.56%.

(source: Reuters)