Dalian iron ore futures recorded a fifth consecutive decline, responding to continuous Chinese government interventions and discouraging manufacturing data. The most-traded January iron ore on China’s Dalian Commodity Exchange closed down 0.5%, while the Singapore Exchange’s benchmark January iron ore rebounded slightly after a previous session drop. Analysts noted frequent and forceful interventions by Chinese authorities to control prices. China's state planner conducted a survey on the price indices of commodities, including steel and iron ore, to maintain a healthy market. Weak manufacturing activity in China has led to calls for further stimulus measures. Seaborne iron ore prices are expected to rise in the first half of 2024, driven by increased demand in China following recent stimulus measures. Steel benchmarks on the Shanghai Futures Exchange showed mixed movements.

SOURCE: GOOGLE