July 27 (Reuters) - Dalian iron ore futures rose on Wednesday after data showed profits at industrial firms in China, the world's top steel producer and consumer, had rebounded last month, although the steelmaking ingredient remained under pressure in Singapore.
The benchmark September contract on China's Dalian Commodity Exchange DCIOcv1 ended morning trade 1.9% up at 741 yuan ($109.50) a tonne, extending its rally to a fourth straight session.
On the Singapore Exchange, the most-traded September contract SZZFU2 was down 1.2% at $110.80 a tonne, as of 0345 GMT, off session-low of $108.40, as the excitement over news of a rescue fund for struggling Chinese property developers waned.
Profits at China's industrial firms bounced back to growth in June, bolstered by the resumption of activity in major manufacturing hubs, though worries about a COVID-19 resurgence have cast a shadow over future factory output.
Construction steel rebar on the Shanghai Futures Exchange SRBcv1 rose 1.2%, while hot-rolled coil SHHCcv1 climbed 0.5%. Stainless steel SHSScv1 fell 1.1%.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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