Iron ore futures rose for a fourth straight session on Thursday, helped by low inventories and pre-holiday restocking, although concerns about lingering steel market weakness in the peak construction season capped gains.
Iron ore, the most traded commodity in January on China's Dalian Commodity Exchange (DCE), rose 0.82% in daytime trading, reaching 863.5 yuan ($118.68). Additionally, coking coal rose 2.93% and coke rose 1.56%.
The benchmark for October iron ore SZZFV3 on the Singapore Exchange rose 0.78% to $120.35 per tonne by 0702 GMT.
Most steel indicators on the Shanghai Futures Exchange rose due to higher raw material prices and lower inventories, but this rise remained limited as there was no significant change in downstream demand. While rebar increased by 0.56%, hot rolled coil by 0.31%, stainless steel by 0.29%, wire rod decreased by 0.32%.
Comments
No comment yet.