Amman – Iron ore prices are on track to record their highest closing levels since May, as China’s renewed focus on supply-side reforms bolsters market expectations for its steel sector.
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According to Bloomberg, steel-making material futures are heading for a second consecutive weekly gain, with prices rebounding to exceed $96 per ton. This comes despite the commodity losing about 15% of its value over the past year, due to persistent weakness in the Chinese economy—the world's largest iron consumer—and an oversupply from major exporters Australia and Brazil.
In Singapore, iron ore futures rose 0.2% to $96.75 per ton on Friday, pushing weekly gains to 2.2%. Yuan-denominated futures in Dalian and steel contracts in Shanghai also posted gains, signaling broader strength across the sector.
In contrast, copper prices fell, along with most other industrial metals, after stronger-than-expected U.S. job data reduced market expectations for an imminent interest rate cut by the Federal Reserve.
Copper, which recently hit its highest level since late March, declined by 0.4% to $9,913 per ton on the London Metal Exchange. Aluminum prices also edged down by 0.2%, reflecting overall caution in the metals market amid tightening monetary policy signals.
— (Petra)
