China's iron ore futures started to recover in anticipation of government stimulus policies. Iron ore, the most traded commodity on the Dalian Commodity Exchange (DCE) in May, rose 1.1% to 944 yuan ($131.31) per metric tonne. Coking coal DJMcv1 also fell 0.3% to $238, while coke was up 0.1% to $325.
On the Singapore Exchange, the most active iron ore contract for March was steady at $125.05 per tonne.
Market analysts expect iron ore prices to recover after the Chinese New Year holidays as some Chinese mills resume production to support iron ore demand.
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