Iron ore prices steadied on Friday while a rising portside inventory in China, along with softened demand, signaled prices could weaken in 2022.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $108.03 a tonne during afternoon trading.
Iron ore for May delivery on China’s Dalian Commodity Exchange ended daytime trade 0.7% lower at 639.50 yuan ($100.46) a tonne.
The spot price of iron ore for delivery to north China has surged almost 25% over the past three weeks.
Meanwhile, Chinese customs data on December 7 reported November iron ore imports of 104.96 million tonnes, up 14.6% from October and the strongest month since July 2020.
