Dalian iron ore falters on China property woes, heads for weekly fall
By Gabrielle Ng
SINGAPORE, Oct 18 Reuters) -Dalian iron ore futures prices fell on Friday and were on track for a weekly drop, weighed by data showing continued weakness in the Chinese property sector, and a softer steel market outlook.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended morning trade 2.59% lower at 752.5 yuan ($105.69) a metric ton. It has lost 4.14% so far this week.
The benchmark November iron ore SZZFX4 on the Singapore Exchange was 0.68% higher at $100.3 a ton, as of 0340 GMT. It is down 6.2% so far this week.
China' economy grew 4.6% in July-September, official data showed, a touch above the 4.5% forecast in a Reuters poll but below the 4.7% pace in the second quarter. Industrial output and retail sales for September also beat expectations.
However, new home prices fell at the fastest pace since 2015, showing continued weakness in the property sector, a key user of steel.
The data comes after a key housing policy briefing on Thursday disappointed investors by failing to announce fresh stimulus measures.
"The market remains unimpressed with the focus on clearing inventory in the housing sector," ANZ analysts said in a note.
"The increasing reliance on stimulus measures to prop up prices is likely to lead to ongoing disappointment for investors."
Meanwhile, China's crude steel output in September slid for a fourth consecutive month, dropping by 1.1% from August and 6.1% from a year before, missing expectations for a rebound.
The pace of decline, however, slowed from August, helped by Beijing's raft of stimulus measures and an improvement in profitability at mills.
Other steelmaking ingredients on the DCE tumbled, with coking coal DJMcv1 and coke DCJcv1 down 5.66% and 5.09%, respectively.
Steel benchmarks on the Shanghai Futures Exchange were weaker. Rebar SRBcv1 slid 3.03%, hot-rolled coil SHHCcv1 lost 2.06%, wire rod SWRcv1 shed almost 2.4% and stainless steel SHSScv1 dropped 1.65%.
($1 = 7.1198 Chinese yuan)
Reporting by Gabrielle Ng; Editing by Subhranshu Sahu
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
