The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.64% lower at 778.5 yuan ($109.11) a metric ton. The benchmark December iron ore on the Singapore Exchange was 1.06% lower at $102.35 a ton, as of 0355 GMT. Market sentiment is swinging with policy expectations, said Chinese financial information site Hexun Futures.
There is great policy uncertainty as the National People’s Congress Standing Committee is scheduled to convene in early November, coinciding with the US presidential election, added Hexun Futures. The Dalian contract hit its highest in more than a week on Monday, buoyed by renewed hopes of further fiscal stimulus from Beijing. The China Iron and Steel Association’s statement that it would propose specific policies to reshape the sector in the face of weak demand supported yesterday’s gains in steel and iron ore prices, ANZ analysts said.
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