Iron ore futures improved on Tuesday as the China's government announced it would accelerate economic recovery and the market hopes.
Iron ore, the most traded commodity in May on the Dalian Commodity Exchange (DCE), rose 1.52% in daytime trading and finished at 969.5 yuan ($135.12) per metric ton. Additionally, coking coal DJMcv1 rose by 2.54% and coke rose by 2.17%.
On the Singapore Exchange, January benchmark iron ore SZZFF4 rose 0.63% to $135.85 per tonne. This increase was recorded as the highest level since February 2023.
The Shanghai Futures Exchange was also affected by price increases in raw materials. While rebar increased by 0.55%, hot rolled coil increased by 0.41% and stainless steel SHSScv1 increased by 0.71%; Wire rod SWRcv1 decreased by 0.37%.
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