SINGAPORE- Dalian iron ore futures were set for their first weekly loss in seven as Beijing continued to intervene in the market to regulate prices, though the contract gained on Friday due to upbeat factory data.
The most-traded January iron ore on China’s Dalian Commodity Exchange was up 2 percent at 975.5 yuan ($136.55) per metric ton at closing.
This week, Dalian iron ore prices lost 0.12 percent .
On the Singapore Exchange, the benchmark January iron ore was 0.9 percent higher at $129.58 a metric ton.
The benchmark contract declined 2.1 percent this week, its first loss after five straight weekly gains.
Caution heightened after the world’s top consumer issued warnings on enhancing supervision on the market to curb a price rally.
China’s Dalian Commodity Exchange said on Thursday it will continue to strengthen its supervision of iron ore futures and resolutely maintain the safe and stable operation of the market.
Despite the initial success in price management, prices are currently staging a rebound.
Lifting sentiment, China’s factory activity unexpectedly expanded in November, driven by rising orders, a private survey showed on Friday. However, sluggish external demand continues to weigh on manufacturers. – Reuters