Iron ore futures in China also pulled back. Iron ore for January delivery on the Dalian Commodity Exchange slipped 0.3% to CNY 657 per tonne.
A sustained drop in China’s iron ore port stocks helped cap the losses in Dalian futures.
According to data tracked by industry consultancy SteelHome, stockpiles of imported iron ore at China’s ports fell for the fourth straight week to 109.4 million tonnes as of August 15th 2014.
Iron ore for immediate delivery to China .IO62-CNI=SI gained 0.2% to USD 93.40 per tonne on Friday, but ended the week down by 2.6%, its biggest loss since mid June.
Diversified miner BHP Billiton, which is relying on iron ore for the lion’s share of fiscal 2014 earnings, has declared its preference for a demerger of its aluminium, manganese and nickel assets, setting the stage for the formation of a separate business that could be worth at least USD 12 billion.
Source – Reuters
Zhejiang Yaang Pipe Industry Co., Limited (www.nctv.net)