China's iron ore futures finish lower Tuesday

Iron ore futures finished lower Tuesday in daytime trading on the Dalian Commodity Exchange (DCE).

The most active iron ore contract for January 2027 delivery fell 0.15 percent to close at 681.50 yuan (about 101.85 U.S. dollars) per tonne.

Iron ore futures were launched on the Dalian Commodity Exchange in October 2013 and have since become the world's most actively traded iron ore derivatives contract.

As the world's largest importer of iron ore, China opened the contract to international investors in May 2018, further enhancing its role as a key price benchmark for the global seaborne iron ore market.

Chinese Vice Premier Ding Xuexiang attended the inauguration ceremony of China National Data Group Co., Ltd., a new state-owned enterprise (SOE) directly administered by the central government, in Xiongan New Area, north China's Hebei Province, on Tuesday.

Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said the establishment of the enterprise is of great significance for seizing opportunities in artificial intelligence, accelerating the building of Digital China, and fostering new competitive advantages for the country.

Headquartered in Xiongan New Area, the newly established enterprise is tasked with specializing in the development and utilization of data resources.

It is positioned as a national team for data services, a leader in data infrastructure connectivity and a strategic force for national data sci-tech innovation.

Ding urged the enterprise to improve data-related services, accelerate the development of data infrastructure, step up efforts to achieve breakthroughs in key and core technologies, and play a strategic, leading and supporting role in the data sector.

He also called on relevant government departments to step up support, local authorities to ensure the necessary resources, and related enterprises to strengthen cooperation to build a concerted effort to promote the development of the data industry.

Ding also inspected Xiongan New Area. During the inspection tour, he stressed the need to firmly adhere to the area's functional positioning and advance the relocation of Beijing's non-capital functions to Xiongan more effectively and in an orderly manner. He also called for stronger policy support and services to take the high-quality development of the area to a new level.