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Iron ore extends rally as China stimulus hopes persist
Fri, 09 Jun 2023 00:00:00 GMT
Iron ore futures climbed on Thursday, with the Dalian benchmark hitting a fresh seven-week high, while prices in Singapore rose for a seventh straight session, as Chinas big banks cut deposit rates in a move seen as supportive of economic growth. Chinas state-backed banks lowered the rates on yuan deposits in actions that could ease pressure on profit margins and reduce lending costs, providing some relief for the financial sector and wider economy. Analysts say the move opens the door for

Iron ore scales 7-week peak on China property stimulus hopes
Wed, 07 Jun 2023 00:00:00 GMT
Iron ore futures rose on Tuesday to their highest levels in about seven weeks, as hopes grew for more property sector-focused stimulus measures in top steel producer China. Steel benchmarks and other steelmaking ingredients in China also advanced as real estate stocks listed in Hong Kong jumped nearly 8% on hopes that Beijing would soon roll out supportive measures to bolster the embattled property sector. The most-traded September iron ore on Chinas Dalian Commodity Exchange ended morning

Iron ore climbs on China demand hopes, stimulus chatter
Sat, 03 Jun 2023 00:00:00 GMT
Dalian iron ore rose on Friday to a six-week peak, while the steelmaking ingredients benchmark price in Singapore hit the highest in two weeks, extending a rally spurred by surprise growth in Chinas factory activity in May. Iron ore also headed for sharp weekly gains, as market commentators continued to speculate about top steel producer China rolling out additional stimulus to support an uneven and fragile post-COVID economic recovery. The most-traded September iron ore on Chinas Dalian

Iron ore at two-week high on stimulus hope, supply disruption ...
Fri, 02 Jun 2023 00:00:00 GMT
Dalian and Singapore iron ore futures hit their highest in two weeks on Thursday as sentiment improved on the prospects of Chinese stimulus policies to revive the economy, better-than-expected factory activity data and supply disruption worries. Weak manufacturing data has raised expectations of policy support for industry, analysts at investment bank ANZ said in a morning note. The official manufacturing purchasing managers index (PMI) released on Wednesday fell to a five-month low of

Dalian iron ore at one-week high on stimulus hope
Tue, 30 May 2023 00:00:00 GMT
Dalian iron ore futures extended gains on Monday to touch their highest in a week, as investor sentiment was bolstered by expectations of new stimulus policies following the release of weak industrial profit data on Saturday. Profits at Chinas industrial firms fell 20.6% in January-April from a year earlier, data from the National Bureau of Statistics (NBS) showed, as companies struggled with margin pressures and soft demand amid a faltering economic recovery. Expectations of more economic

China: Domestic Iron Ore Prices Diverged Last Week, But Are Likely ...
Tue, 30 May 2023 00:00:00 GMT
Weekly iron ore price review: Hebei: down 10-15 yuan/mt in Tangshan, Qianxi, and Qianan; western Liaoning: down 10-15 yuan/mt in Chaoyang, Beipiao and Jianping; east China: up 20-30 yuan/mt. Tangshan: Sharp decline in imported iron ore prices enabled local major steel mills to lower bid prices. Yet, bid prices were cut only slightly due to tight supply. In view of bearish imported ore market, local iron ore prices may inch lower this week. Western Liaoning: Most mines and dressing plants

China steel prices hit three-year low on demand woes
Mon, 29 May 2023 00:00:00 GMT
Steel rebar prices in China hit their lowest in three years this week, underscoring flagging growth in the worlds second-largest economy, particularly in its weak property sector. The spot price of HRB400 20mm steel rebar used to reinforce concrete for buildings and infrastructure fell to 3,510 yuan ($507.80) per tonne in Shanghai on Thursday, data from consultancy Mysteel showed. Thats the lowest since April 2020, when the start of the COVID-19 pandemic in China had curbed most

Iron ore set for weekly fall on faltering China demand
Sat, 27 May 2023 00:00:00 GMT
Iron ore futures remained on track for weekly losses despite their rebound on Friday, pressured by darkening demand outlook in top steel producer China due to a seasonal slowdown in construction. The steelmaking ingredients benchmark June contract on Singapore Exchange SZZFM3 was up 4% at $99.55 a tonne by 0700 GMT. It dropped 1.8% to $94 earlier in the day, hitting its weakest since November, and has fallen more than 5% from last week. The most-traded September iron ore on Chinas Dalian

Iron ore sinks deeper as China summer lull in steel demand looms
Fri, 26 May 2023 00:00:00 GMT
Dalian iron ore futures slid to the lowest in nearly six months on Thursday on expectations that Chinas demand for the steelmaking ingredient will remain sluggish during the typical summer lull in domestic construction activity. Iron ores benchmark price in Singapore, however, somewhat stabilized after a five-session selloff, suggesting near-term prices may have bottomed out. The most-traded September iron ore on Chinas Dalian Commodity Exchange ended daytime trading 2.2% lower at 681

ICRA lowers steel price forecasts for FY24 as Chinese exports ...
Fri, 26 May 2023 00:00:00 GMT
Steel prices have been on a decline since the beginning of FY2024, with domestic hot rolled coil (HRC) prices plummeting 3.8% in the current quarter due to falling Chinese exports, rating agency Icra said in a report on Thursday. Icra has revised its baseline steel price predictions for FY2024, forecasting an average year-on-year decrease of 4-5% in domestic HRC prices, a stark contrast to the previously projected marginal year-on-year increase of 1-2%. Domestic steel demand has

Iron ore tumbles as worries over China demand grow
Thu, 25 May 2023 00:00:00 GMT
Benchmark Singapore and Dalian iron ore futures stretched losses on Wednesday, languishing below $100 a tonne, as steel prices slumped in China on economic recovery worries. A weaker yuan added to the gloomy mood, with Shanghai rebar futures hitting their lowest in more than six months. The steelmaking ingredients most-active June contract on the Singapore Exchange tumbled as much as 4.7% to $95.25 a tonne, its weakest since May 5. The most-traded September iron ore on Chinas Dalian

Iron ore pullback deepens as China demand outlook dims
Wed, 24 May 2023 00:00:00 GMT
Dalian and Singapore iron ore futures slumped to their lowest in more than a week on Tuesday, extending a retreat after last weeks rally, as pessimism grew over demand prospects in top steel producer China. Benchmark prices of the steelmaking ingredient have fallen more than 20% from this years peak at just above $130 a tonne around mid-March, when sentiment was positive as China entered its peak spring construction season and following its exit from strict COVID-19 restrictions. With the

Number of Asia Pacific steel news reports: 12
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