Iron-ore futures rose on Friday, buoyed by reports of China's support measures for businesses and after Rio Tinto said it paused work at a mining site in the Pilbara region following an incident. The steelmaking feed, however, was on track for a weekly fall amid persistent concerns about top steel producer China's troubled property sector.
Iron-ore futures rose on Friday, buoyed by reports of China's support measures for businesses and after Rio Tinto said it paused work at a mining site in the Pilbara region following an incident.
Iron ore's benchmark October contract on the Singapore Exchange SZZFV3 was up 2% at $119.80 per metric ton, as of 0422 GMT. It has fallen more than 2% this week after scaling a six-month peak last week. Traders cheered state media reports saying China would continue to break down barriers to market access and increase policy support for the private economy, citing 22 measures issued by the State Administration for Market Regulation.
Iron ore's gains on Friday were muted, however, while steel benchmarks and prices of other steelmaking ingredients in China fell.
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