SINGAPORE- Iron ore futures prices retreated on Thursday as supply of the key steelmaking ingredient remained firm amid a weaker steel market outlook, although fresh stimulus for top consumer China’s property sector limited losses.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 1.44 percent lower at 755.5 yuan ($104.32) a metric ton.
The benchmark December iron ore on the Singapore Exchange was 1.21 percent lower at $99.35 a ton.
“Iron ore prices fell as supply continues to grow,” said ANZ analysts in a note.
Shipments from Australia’s leading Port Hedland terminal totaled 45.6 million tons in October, bringing this year’s total to the highest level for this period in four years, said ANZ, adding that the Australian government expects exports to increase 1.9 percent to 908 million tons in 2024.