Iron ore futures prices in China started the week with a rise on expectations that the government would improve its economic policies. In addition, lower iron ore shipments in Brazil and Australia also had a positive impact on Chinese iron ore futures.
On the Dalian Commodity Exchange, the most-traded September iron ore contract on DCIOcv1 rose 2.18% to USD 116.80 per metric tonne in day trade. Coking coal DJMcv1 and coke DCJcv1 also gained 3.97% and 2.92%, respectively.
On the Singapore Exchange, May iron ore SZZFK4 rose 1.31% to USD 112.5 per metric tonne. This level was recorded as the highest price since 11 March.
On the other hand, prices fluctuated on the Shanghai Futures Exchange. Wire rod SWRcv1 fell by 0.99%, while stainless steel SHSScv1 and hot rolled coil SHHCcv1 rose by 1.2% and 0.32%, respectively.
Looking at the Chinese economy, new bank loans increased less than targeted and credit growth declined. The property crisis in the country is also still ongoing.
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