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Iron ore continues its gains in China

Iron ore continues to rise as demand improves in China.

Iron ore continues its gains in China

On Wednesday, gains continued in iron ore futures. In China, prices rose more than 5%.

The most-traded January iron ore on China’s Dalian Commodity Exchange DCIOcv1 ended daytime trade 3.7% higher at 817 yuan ($112.13) per metric ton, stretching its gains in a 10-session rally to about 14%. 

Other products continued to rise on the Dalian Commodity Exchange. Coking coal DJMcv1 was up 4.1% and coke DCJcv1 was up 2.9%.

Looking at the Singapore Exchange, iron ore's benchmark September contract SZZFU3 rose 2.1 percent to $112.95 per tonne as of 07:12 GMT after hitting $113.90, its highest since July 26.

Looking at the situation in Shanghai; rebar SRBcv1 increased by 1%, hot rolled coil SHHCcv1 increased by 1.2% and wire rod SWRcv1 increased by 2.5%; stainless steel SHSScv1 fell 0.2%.

In the January-July 2023 period, China produced 626.51 million tons of crude steel, up 2.5% compared to the same period of 2022.


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