The main contract is likely to post a weekly loss as record-high COVID-19 instances at the leading steelmaker impacted mood, while Dalian iron ore futures climbed on Friday, continuing a recovery on newly disclosed support measures for China's property industry.
On China's Dalian Commodity Exchange, the most-traded January iron ore finished daytime trade 3.3 percent higher at 758 yuan (USD 1058) per ton, its best price since August 1.
The benchmark December iron ore price on the Singapore Exchange increased 3.0 percent to USD 98.60 per ton.
While China's State Council stated that monetary instruments such as reducing banks' reserve-requirement ration will be utilized to sustain liquidity, ANZ Research noted that iron ore continued recent advances after recent moves to help China's property industry.
The largest commercial banks in China have promised property developers at least USD 162 billion in new loans, supporting recent regulatory moves to relieve a crippling liquidity constraint in the industry and sparking a surge in real estate shares.
China announced another record-high daily COVID-19 infection rate on Friday, as cities throughout the nation enacted laws and restrictions to stop epidemics.
Mainland In contrast to the 31,656 new cases reported the day before, China's Health Commission reported 32,943 new coronavirus cases for November 24.
On the Shanghai Futures Exchange, the most actively traded rebar contract increased by 0.7 percent, hot-rolled coil by 0.8 percent, stainless steel by 0.4 percent, and wire rod by 0.5 percent.
Coke and coking coal from Dalian increased by 1.9 and 2.1 percent, respectively.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only