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Iron ore hits 2-week low as China rally fizzles out
Fri, 03 Feb 2023 00:00:00 GMT
Iron ore futures fell to a two-week low on Thursday as traders reassessed demand prospects in key consumer China, despite expectations for more policy stimulus to support the countrys economic rebound. Iron ore and steel prices in China hit multi-month highs in January as markets rallied from early November on the back of Beijings stepped-up policy support for its ailing property sector and dismantling of strict COVID-19 curbs. The steelmaking ingredient has risen more than 9% this year o

Japan 2022 crude steel output falls 7.4% amid slow car production
Tue, 24 Jan 2023 00:00:00 GMT
Crude steel output in Japan, the worlds third-biggest producer, fell 7.4% in 2022 from the previous year due to a slow recovery in automobile production and weaker export demand amid a slowdown in the global economy. Output dropped for the first time in two years to 89.23 million tonnes, figures from the Japan Iron and Steel Federation showed on Monday. During the COVID-19 pandemic, Japans Toyota Motor Corp 7203.T fared better than most car makers in managing supply chains, but it fell

China reopening rally to drive up iron ore prices
Fri, 20 Jan 2023 00:00:00 GMT
China remains key for iron ore direction Iron ore was one of the worst-performing commodities in 2022. Concerns over Chinese macroeconomic performance and Covid-19-related disruptions were key to driving prices lower. China alone accounts for about two-thirds of seaborne iron ore demand. The Chinese economy has slowed since the second quarter of 2022, mainly due to strict Covid measures that disrupted port and land logistics, retail sales and catering, and caused temporary shutdowns of

Iron ore extends rally on China demand optimism
Fri, 13 Jan 2023 00:00:00 GMT
Iron ore futures rose for a third straight session on Thursday, with the Singapore benchmark scaling a fresh six-month peak, underpinned by continued optimism about demand prospects in top steel producer China. Prospects of stronger demand in China, which has dismantled COVID-19 restrictions and rolled out supportive policies particularly for its ailing property sector, have supported a rally in the ferrous complex since early November. Iron ores most-traded May contract on Chinas Dalia

Iron ore slips as China COVID surge spurs volatility
Thu, 05 Jan 2023 00:00:00 GMT
Iron ore futures slipped in volatile trade on Wednesday, as COVID-19 disruptions and lingering concerns over weak real estate market in China outweighed optimism around the countrys reopening and economic stimulus measures. The most-traded May iron ore on Chinas Dalian Commodity Exchange DCIOcv1 ended daytime trade 0.4% lower at 846.50 yuan ($122.94) a tonne, surrendering early gains. On the Singapore Exchange, the steelmaking ingredients benchmark February contract SZZFG3 was down 1.2%

Chinas COVID U-turn lifts iron ore after wild swings in 2022
Fri, 30 Dec 2022 00:00:00 GMT
Iron ore futures ended a volatile year firmer on Friday, with the Dalian benchmark settling near a more than six-month high, propelled by optimism around top steel producer Chinas unwinding of pandemic controls and economic support measures. Spot prices of the steelmaking ingredient also rallied this week, scaling a five-month peak as traders brushed aside concerns about surging COVID-19 infections across China. But it was set to mark its weakest year-end finish in three years. The

SGX iron ore scales 5-month peak as China eases COVID rules
Wed, 28 Dec 2022 00:00:00 GMT
Iron ore futures rose on Tuesday, with the Singapore benchmark price hitting its highest in five months after top steel producer China decided to scrap quarantine rules for visitors, boosting investor sentiment. China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, a major step towards easing its strict COVID-19 containment policy that has curbed industrial activity and domestic demand, and ignited public unrest last month. The most-traded May iron ore o

Dalian iron ore on track for third weekly gain on China stimulus
Sat, 17 Dec 2022 00:00:00 GMT
Dalian iron ore was bound for a third straight weekly rise on Friday on optimism over Chinas economic recovery prospects in 2023, with traders largely brushing aside a wave of local COVID-19 infections. The steelmaking ingredients most-traded May contract on Chinas Dalian Commodity Exchange TIO1 ended daytime trade 0.5% higher at 821 yuan ($117.81) a tonne. It earlier touched 841.50 yuan, the highest since June 13. Top steel producer China has begun dismantling its tough zero-COVID

Iron ore, steel prices rally as China plans more stimulus
Fri, 16 Dec 2022 00:00:00 GMT
Dalian iron ore futures hit a fresh six-month high on Thursday, while the Singapore benchmark price for the steelmaking ingredient climbed above $110 a tonne, propelled by brightening demand prospects in top steel producer China. As the Chinese economy faces risks from rapidly spreading COVID-19 infections and a bleak outlook for global growth, policymakers are aiming to boost the scale of consumption and investment, the official Xinhua news agency said on Wednesday. Boosting domestic demand

Steel may gain little as China eases covid curbs
Thu, 15 Dec 2022 00:00:00 GMT
Easing covid-19 restrictions in China may lead to an increase in demand and prices of metals, but the uptick maybe limited, said industry experts. As the largest consumer of commodities, a pick-up in demand in China can help lift global metals demand and prices amid recessionary concerns in developed economies such as the US and Europe. Rising demand and prices in China will also be key to prevent cheap imports to India and help improve domestic steel prices. However, analysts said that

Iron ore slips from 6-month highs; steel prices firm on China ...
Tue, 13 Dec 2022 00:00:00 GMT
Iron ore futures dipped on Monday, retreating from six-month peaks, although Shanghai steel benchmarks held firm on demand hopes after China relaxed its COVID-19 containment policy. The most-traded May iron ore on Chinas Dalian Commodity Exchange ended daytime trade 0.8% lower at 802.50 yuan ($115.08) a tonne. Dalian iron ore climbed to 823 yuan a tonne on Friday, its strongest since June 15, as top steelmaker China eased COVID curbs. On the Singapore Exchange, the steelmaking ingredients

Iron ore gains on demand optimism after China eases COVID curbs
Fri, 09 Dec 2022 00:00:00 GMT
Iron ore futures rebounded on Thursday as higher imports into China suggested improving demand, with easing COVID restrictions in the country boosting hopes for a rise in consumption. The most-traded May iron ore contract on Chinas Dalian Commodity Exchange advanced 1.4% to 790 yuan ($113.37) a tonne. Dalian iron ore prices have risen about 30% since the beginning of November, boosted by Chinas ramped-up policy support for ailing domestic property developers and easing of its COVID-19

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