Dalian iron ore futures rose on positive developments from China's government banks.
Iron ore, the most traded commodity on China's Dalian Commodity Exchange in May, rose 3% to 973 yuan ($136.16) per metric ton. This rise resulted in a weekly gain of 3.2%. Additionally, coking coal DJMcv1 increased by 2.9% and coke DCJcv1 increased by 3.7%.
The January iron ore benchmark on the Singapore Exchange rose 1.1% to $137.5 per metric tonne. This rise resulted in a weekly gain of 2.7%.
Looking at the Shanghai Futures Exchange, the most active rebar contract SRBcv1 increased by 1.3%, hot rolled coil SHHCcv1 increased by 1.2% and stainless steel SHSScv1 increased by 0.6%; Wire rod SWRcv1 decreased by 1%.
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