Futures traded just above $100 a ton in Singapore, 28% lower over 2024. Prices erased an early intraday gain on the final day of the year even as China’s manufacturing purchasing managers’ index showed factory activity expanded for a third straight month in December.
The steel-making staple has been one of the worst performing commodities this year, with China’s sluggish economy weighing on demand as its years-long property crisis showed little signs of abating. The bulk of the retreat came in the first quarter, although prices went on to hit the lowest since 2022 in September.
Elsewhere, the LMEX Index of the six main base metals traded on the London Metal Exchange headed for a modest annual gain of 5%, with softer Chinese demand offset by flashes of supply stress in copper and zinc.
