SINGAPORE – Dalian iron ore futures edged up slightly on Tuesday, while Singapore iron ore futures fell with the market responding cautiously to China’s latest policy guidelines and as oversupply concerns persisted.
The most-traded September iron ore on China’s Dalian Commodity Exchange ended daytime trade 1 percent higher per metric ton.
On the Singapore Exchange, the benchmark September iron ore was down 0.8 percent at $106.6 a metric ton, paring gains from the prior session.
China’s factory activity swung to contraction in July, a private sector survey showed on Tuesday, concurring with the official survey on Monday which showed China’s manufacturing activity fell for a fourth straight month in July, spurring hope for fresh stimulus measures.
Still, the absence of details left the market indecisive.
Chinese authorities released additional policy guidelines on Monday but no concrete measures to boost the faltering economy and domestic consumption, leaving investors wanting as dull activity data heightened pressure for officials to act.
