The iron ore price was on track for a fifth straight weekly fall on Friday, as worries over weak demand in China outweighed hopes for an easing of financing curbs in the country’s debt-laden property sector.
The most-traded iron ore for January delivery on China’s Dalian Commodity Exchange ended daytime trading 1.6% lower at 546.50 yuan ($85.48) a tonne and was on track for a weekly loss of nearly 3%.
Traders turned cautious after a relief rally in China’s ferrous futures markets on Thursday, driven by China’s Evergrande Group making a last-minute coupon payment to some bondholders and talks of a potential credit easing in the property sector. The sector accounts for about a quarter of domestic steel demand.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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