According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $102.36 a tonne, up 0.7% from Thursday’s closing.
Benchmark iron ore futures on the Dalian Commodity Exchange, for May delivery, were down 3.6% to 603 yuan ($94.61), as of 0330 GMT, after declining as much as 5.5% in morning trade. For the week, however, the contract was on course for a 4.8% gain.
“Impact from changes to the supply side on steel products prices is weakening,” SinoSteel Futures wrote in a note, referring to output controls during winter.
However, with the real estate market remaining weak, steel prices are not expected to gain significantly, SinoSteel Futures said.
(With files from Reuters)
