Iron ore prices have also been gaining as global supplies have fallen and the Chinese government's economic stimulus policies have improved market sentiment. The Beijing government's large interest rate cuts and low down payments have also contributed to the rise in ore prices.
These incentives have improved market confidence and offset the losses of iron ore price declines, especially in the September 2024 period.
In a surprising move, government officials announced that they will make all necessary investments to realize their economic growth target of 5% for 2024.
On the Dalian Commodity Exchange (DCE), the most traded January iron ore contract DCIOcv1 increased by 1,75% to USD 103.73, crossing the psychological limit. Coke DJMcv1 and coke DCJcv1 also gained 2,44% and 2,2%, respectively.
On the Singapore Exchange, October iron ore SZZFQ4 increased by 2,49% to USD 98,8 per ton.
Prices were also mixed on the Shanghai Futures Exchange. Rebar SRBcv1 increased by 1,5% and hot rolled coil SHHCcv1 by 0,66%, while wire rod SWRcv1 decreased by 4,79% and stainless steel SHSScv1 by around 0,07%
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