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Iron ore price rose for a second consecutive week, underpinned by stimulus-related optimism and supportive fundamentals in top consumer China, although gains narrowed on Friday on fear of possible government supervision.
The most-traded January iron ore on China’s Dalian Commodity Exchange ended daytime trading 0.43% higher at 924.5 yuan a metric ton on Friday, ending the week with an increase of 2.7%, after touching an intra-day high of 936 yuan a ton earlier in the session, last seen in March. Chinese policymakers said during the twice-a-decade financial meeting on Oct.30-Oct. 31 that Beijing would strengthen efforts to reduce local debt risks and help with reasonable financing demands for all types of property enterprises.
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