Iron ore futures in China rose to a one-month high on the back of an improvement in the near-term demand outlook. Expectations of government incentives also supported the rise.
DCIOcv1, the most traded September iron ore contract on China's Dalian Commodity Exchange (DCE), rose 2.6% to settle at USD 118.79 per metric tonne. In addition, coke DJMcv1 and cokeDCJcv1 rose 1.4% and 2.1%, respectively.
On the Singapore Exchange, iron ore SZZFQ4 index for August rose by 3.1% to USD 113.35 per metric tonne.
The government's positive support for the developments in the property sector strengthened iron and steel prices.
Steel indicators on the Shanghai Futures Exchange were also on the rise. Rebar SRBcv1 and wire rod SWRcv1 rose about 1.5%, hot rolled coil SHHCcv1 rose 1.2% and stainless steel SHSScv1 rose about 0.4%.
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