Iron Ore Edges Higher as Softer Dollar Meets Sluggish China Demand

Overview

• The most-traded January contract on the Dalian Commodity Exchange rose 0.44% to 799.5 yuan per tonne ($112.92).
• Singapore’s December benchmark gained 0.29% to $106.85 a tonne.
• Mysteel reported China’s maritime premiums for granulated ore fell 42.2% over two months to the lowest since late May 2024, reflecting weak demand.
• Galaxy Futures said declines in metallurgical coal and iron ore have accelerated on stronger coal supply and mine stock builds and it expects pig iron output to drop further this week.
• India’s finished-steel imports fell 34.1% year on year in the first seven months of the fiscal year, and China’s steel production is expected to come in below 1 billion tonnes after a government pledge to cut output.