Iron ore down as ship congestion eases

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    Iron ore futures fell on Friday as industry data showed rising portside inventory of the steelmaking ingredient in China, with vessel congestion easing and offloading speeding up after weeks of strict coronavirus safety protocols and bad weather.

    A strong demand outlook for iron ore and steel products, however, limited losses.

    Iron ore’s most-active January 2021 contract on the Dalian Commodity Exchange closed down 1.5 percent at 850 yuan ($124.30) a ton, after a six-session rally. It gained 3.2 percent this week.

    Iron ore on the Singapore Exchange dipped 1 percent to $123 a ton in afternoon trade, after a five-session winning streak.

    Tracking solid gains in futures markets, spot iron ore jumped to $128 a ton on Thursday, the highest since January 2014, based on SteelHome consultancy data.