Iron ore futures in China rose to a one-week high on expectations that the government's stimulus policies will work. On the Dalian Commodity Exchange (DCE), the most-traded September iron ore contract DCIOcv1 increased by 2,35% to settle at USD 108,28 per metric ton. Meanwhile, coke DJMcv1 and coke DCJcv1 decreased by 1,68% and 1,18%, respectively.
On the Singapore Exchange, September iron ore SZZFQ4 increased by 1,91% to close at USD 102,85 per metric ton.
Prices were also higher on the Shanghai Futures Exchange. Rebar SRBcv1 increased by 1,1%, wire rod SWRcv1 by 0,24%, hot rolled coil SHHCcv1 by 0,8% and stainless steel SHSScv1 by 0,7%
Market analysts expect that the country's green transformation will optimistically boost demand for steel and contribute to the production of higher quality iron ore.
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