SINGAPORE- Dalian iron ore futures logged a weekly fall on Friday, despite snapping a nine-session losing streak on the day, weighed down by reports of steel production cuts in China and an intensifying trade war between Washington and Beijing.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) added 0.19 percent to 774 yuan ($106.81) a metric ton. The contract fell 3.49 percent this week.
The benchmark April iron ore on the Singapore Exchange was 0.04 percent higher at $100.4 a ton, losing 1.99 percent so far this week.
Beijing’s efforts to support economic growth buoyed sentiment in commodity markets, said ANZ analysts.
China unlocked more fiscal stimulus on Wednesday, vowing greater efforts to support consumption and boost domestic demand.
Chinese officials on Thursday left the door open to more stimulus measures on top of those announced at this week’s annual parliament meeting if economic growth veered off track.
These moves follow fresh trade measures, as Washington on Tuesday imposed an extra 10 percent duties on Chinese goods, taking the cumulative tariff to 20 percent and drawing Beijing’s retaliation.
