Iron ore prices improved as the Beijing government's moves to revive the property sector had a positive impact. Although the moves in the property market worked, iron ore prices were limited again due to the shortage in demand and high stockpiles.
The most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) in China rose 0.93% to USD 112.67 per metric tonne. In addition, coking coal DJMcv1 and coke DJMcv1 rose by 0.25% and 1.5%, respectively.
On the Singapore Exchange, the benchmark benchmark for July iron ore SZZFN4 rose 0.7% to USD 106.60 per metric tonne.
Rebar SRBcv1 0.5%, hot rolled coil 0.4%, wire rod SWRcv1 0.16% higher, while stainless steel fell 1.13% on the Shanghai Futures Exchange.
The People's Bank of China held a meeting on promoting its financial support for affordable housing in order to accelerate the sale of unsold housing in the country. Market experts attribute the price increases to affordable housing financing.
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