Iron ore snaps 3-day rally

    121

    Iron ore futures were mixed in early trade on Wednesday, with the Singapore benchmark snapping a three-day rally, while Dalian prices extended gains on optimism over steel demand prospects in China.

    Iron ore’s September contract on the Singapore Exchange edged down 0.9 percent to $121.57 a ton.

    The Dalian Commodity Exchange’s most-traded iron ore for January 2021 delivery rose as much as 2.8 percent to 873 yuan ($126.24) a ton.

    Mills in China, the world’s top metals producer and consumer, continued to ramp up crude steel output, churning out a record volume in July as demand booms particularly in the construction sector.

    Their appetite for the steelmaking ingredient has helped boost spot prices, with the benchmark 62 percent material at $123 a ton on Tuesday, the highest since July last year, based on data tracked by SteelHome consultancy.