Dalian iron ore posts weekly fall on tepid Chinese economic recovery
Updates closing prices and adds details
SINGAPORE, Sept 20 (Reuters) -Iron ore futures prices edged higher on Friday but logged a weekly loss, as traders weighed prospects of fresh monetary stimulus from China against the top consumer's muted economic recovery, while firmer global supply also weighed on prices.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 0.15% higher at 680 yuan ($96.43) a metric ton.
The contract declined 3.41% for the week.
The benchmark October iron ore SZZFV4 on the Singapore Exchange was 0.99% lower at $91.75 a ton, as of 0325 GMT.
China unexpectedly left benchmark lending rates unchanged at the monthly fixing, confounding market expectations that were primed for a move after the U.S. Federal Reserve delivered an outsized interest rate cut earlier this week.
However, market watchers widely believe Chinese policymakers will roll out further stimulus to prop up the ailing economy and help it meet its increasingly challenging 2024 growth target, following a string of August economic data that surprised to the downside.
Meanwhile, imported iron ore stocks at 45 Chinese major ports dipped 0.5% during Sept. 13-19, Chinese consultancy Mysteel said in a note, adding that sales of the commodity rose on Sept. 19.
Production enthusiasm among Chinese blast furnace steelmakers continued to pick up this week as domestic steel prices moved higher, allowing more mills to shrug off heavy losses, Mysteel added.
Although steel mills are expected to resume production, the pace of resumption may slow down while overseas supply has recently rebounded, leaving little support for substantial gains as the market's surplus structure remains unchanged, said Chinese financial information site Hexun Futures.
Other steelmaking ingredients on the DCE were stronger. Coking coal DJMcv1 and coke DCJcv1 rose 0.35% and 0.45%, respectively.
Most benchmarks on the Shanghai Futures Exchange retreated. Rebar SRBcv1 fell almost 0.3%, stainless steel SHSScv1 slipped about 0.1%, wire rod SWRcv1 shed 1.97%, although hot-rolled coil SHHCcv1 added nearly 0.3%.
($1 = 7.0515 Chinese yuan)
Reporting by Gabrielle Ng; Editing by Mrigank Dhaniwala and Rashmi Aich
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