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Iron ore and other ferrous commodity prices fell last week, but most were still expected to rise this week as traders took solace in believing that China's policies would boost the country's weak economy.
At ¥989.50 ($137.82) per metric tonne, the most traded May iron ore on China's Dalian Commodity Exchange DCIOcv1 ended the day 0.1% down.
The most traded February iron ore on the Singapore Exchange decreased 0.2% to $135.10 per tonne.
The Singapore iron ore contract jumped 4.2% for its strongest week since last November, while Dalian iron increased 4.3% weekly, marking the largest advance since November 2023.
On Wednesday, China's central bank announced a deep cut in the amount of cash banks hold as reserves to inject about $140 billion of cash into the banking system.
According to a Bloomberg report, Chinese authorities were considering mobilising about ¥2 trillion ($278.61 billion) to stabilise a slumping stock market and boost risk sentiment.
"Any further policy easing could act as an upside catalyst for prices. In addition, we expect fundamentals to turn more price-supportive after the Chinese New Year in mid-February," Citi analysts said in a note.
China's steelmaking hub, Tangshan City in Hebei Province, announced that it would launch a level 2 emergency response due to heavy air pollution starting Jan. 26, according to a statement from the Tangshan city government on its WeChat account on Thursday.
Steel mills typically have to cut their sintering capacity by 30% to 50% in response to the alert, and it is unclear when the pollution controls will be lifted.
The most active May rebar contract on the Shanghai Futures Exchange SRBcv1 was nearly unchanged at ¥3,973 a ton. Hot-rolled coil eased 0.1% to ¥4,102, wire rod fell 0.8% to ¥4,140, and stainless steel dropped 1% to ¥14,180.
Other steelmaking ingredients Dalian coking coal tumbled 4.1% to ¥1,778.50 a ton, and coke shed 2% to ¥2,459.50.
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