Dalian iron ore futures continued to rally on Monday after a positive phone call between Chinese President Xi Jinping and Trump.
DCIOcv1, the most traded May iron ore contract on the Dalian Commodity Exchange (DCE), gained 0.13% to settle at 109.40 USD. Despite the increase in ore, coke and cokeDCJcv1 fell 2.57% and 2.4%, respectively.
On the Singapore Exchange, February iron ore SZZFG5 index decreased by 0.15% to 103.7 USD.
Current iron ore prices were recorded as follows on CFR North China delivery terms:
%62 Fe USD 104,15/t
%65 Fe USD 118,00/t
%58 Fe USD 90,40/t
The terms of delivery of 62% iron ore to CFR North China Ports were noted as follows:
Australia 62% iron ore USD 103,61/t
Brazil 62% iron ore USD 102,4/t
South Africa 62% iron ore USD 103,75/t
Prices were mixed on the Shanghai Futures Exchange. Rebar SRBcv1 increased by 0.24%, hot rolled coil SHHCcv1 by 0.3%, while stainless steel SHSScv1 decreased by 2.19% and wire rod SWRcv1 by 0.67%.
In addition, it was announced that China's economy will end 2024 with an annual growth rate of 5% as a result of increased stimulus and the realization of government targets.
Market participants noted that the communication between China and the US has boosted the markets, while on the other hand, the weakness in the real estate sector still persists in the country. This fluctuating course is also observed to create an imbalance between supply and demand in the country from time to time.
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