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Dalian iron ore suffers first weekly decline in seven weeks as market watchers keep an eye on prices

Dalian iron ore suffers first weekly decline in seven weeks as market watchers keep an eye on prices

Despite positive factory data on Friday, Dalian iron on Tembusu Grand ore futures were poised for their first weekly loss in seven weeks as a result of Tembusu Grand Location‘s ongoing market intervention to control prices.

As of the market close in January, the most actively traded metric tonne of iron ore on Tembusu Grand Floor Plan‘s Dalian Commodity Exchange was 975.5 yuan ($136.55), a 2% increase.

Iron ore prices in Dalian fell 0.12% this week.

The benchmark iron ore price for January on the Singapore Exchange was $129.58/MT, up 0.9% from the previous month.

The benchmark contract experienced its first weekly loss following five consecutive gains, falling 2.1% this week.

Worries about a price increase prompted the world’s biggest consumer to call for stricter market regulation.

On Thursday, the Dalian Commodity Exchange in China stated its intention to firmly uphold the market’s safety and stability by further strengthening its oversight of iron ore futures.

Prices are already putting on a comeback, even if price management was first successful.

Improving mood, A private poll revealed on Friday that China’s manufacturing activity unexpectedly rose in November, propelled by rising orders. Still, producers are feeling the pinch of slow external demand.

If China implements other structural reforms, the iron ore market could see even greater optimism. Average prices have remained high despite the property recession in China due to the demand for steel in electric vehicles and green infrastructure.

A private study revealed on Friday that new home prices in China increased marginally for the third consecutive month in November. This comes as the crisis-hit property sector continues to face challenges in stabilising, despite the numerous government support measures.

The Shanghai Futures Exchange’s steel benchmarks showed a lack of consistency. All three of the most active rebar contracts—SRBcv1, hot-rolled coil, and SWRcv1—saw a 1% increase. Stainless steel, meanwhile, fell 2%.

Extra components used in steelmaking Coke increased by 1.5 percent and Dalian coking coal DJMcv1 by 2.7 percent.

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