Hopes of additional economic stimulus by Beijing, and data showing the country’s exports and imports in September contracting at a slower pace, helped limit losses in what has been a subdued week for iron ore.
Iron ore’s benchmark November contract on the Singapore Exchange was down 0.8% at $113.75 per metric ton, as of 0319 GMT, shedding 1% so far this week but bouncing off Tuesday’s six-week low of $109.25.
The most-traded January iron ore on the Dalian Commodity Exchange rose 0.7% to 836 yuan ($114.45) per ton. The Chinese benchmark, however, has dipped 1.8% since trading resumed after this month’s Golden Week holiday.
“Several mills are proposing additional maintenance programs amid weak demand following the Golden Week holiday. This could see the prospect of steel production cuts during winter,” ANZ analysts said in a note.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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