Iron ore futures rallied on Thursday to their highest in five weeks, underpinned by better-than-expected economic data and the latest batch of stimulus measures in China, the world’s largest consumer of the steelmaking ingredient.
Most-traded iron ore futures on the Dalian Commodity Exchange (DCE) rose 3.54 percent, reaching their highest level since August 1 at 849 yuan ($116.47) per metric ton. In addition, coking coal DJMcv1 rose 3.26% and coke DCJcv1 rose 2.13%.
Reference iron ore on the Singapore Exchange was up 1.9% as of 07:31 GMT, reaching its highest level since July 26 at $116.6 per metric ton.
Iron ore continues to increase gradually in CME. It was recorded as 125 USD on 31st August.
Rebar SRBcv1 on the Shanghai Futures Exchange rose 1.27% to 3,740 yuan per tonne; hot rolled coil SHHCcv1 increased 1.89%, wire rod SWRcv1 increased 0.07% and stainless steel SHSScv1 increased 0.93%.
Market analysts state that steelmakers' demand for iron ore will increase further if steel consumption continues to increase.
Moreover, according to official data, daily crude steel production in China in July 2023 decreased by 3.6 percent month on month and amounted to 2.93 million tons.
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