Prices of iron ore and other ferrous commodities dropped on Friday, but most were on track for a weekly gain as traders found comfort in optimism over top consumer China’s policy support to shore up its fragile economy.
The most-traded May iron ore on China’s Dalian Commodity Exchange DCIOcv1 was down 0.5% at 985.50 yuan per metric ton, as of 0239 GMT.
On the Singapore Exchange, the most active February iron ore SZZFG4 was down 0.8% at $134.35 a ton.
On a weekly basis, Dalian iron was up 4.3%, set for the biggest gain since November 2023, while the Singapore iron ore contract increased 4.2%, also on track for its best week since last November.
Alien Metals Ltd (LON:UFO) is a global minerals exploration and development company that will shortly make the transition to iron ore producer. The company was formed from Arian Silver in late 2018, retaining some of the companies more valuable Mexican projects before embarking on an acquisition led strategy, headed up by an excellent geological team and targeted entirely on Western Australia.