Iron ore futures fell on Thursday as traders sought details of China’s pledge to accelerate the rollout of more policies to consolidate its economic recovery, with the country’s troubled property sector keeping them guarded.
The most-traded January iron ore on China’s Dalian Commodity Exchange was down 0.4 percent at 867 yuan ($118.77) per metric ton after advancing in the last two sessions.
On the Singapore Exchange, the steelmaking ingredient’s benchmark October reference price fell 1.2 percent to $120.40 per ton.
China, the world’s top steel producer and metals consumer, will speed up introduction of more policies to consolidate its economic recovery, state media CCTV reported on Wednesday, citing a cabinet meeting chaired by Premier Li Qiang.
Iron ore’s benchmark price in Singapore has risen more than 5 percent so far this month and held ground above $120 per ton, buoyed by China’s economic stimulus efforts, but the upward momentum seems to have lost steam.
While there were reports about additional policy support for China’s property developers at local government levels, analysts said the overall sentiment remains cautious.
