Industry News

Iron ore futures rise on hopes

Views : 95
Update time : 2022-12-05 17:35:00

The most-traded January iron ore on China’s Dalian Commodity Exchange gained 0.8% to 776.5 yuan ($109.97) a tonne, as of 0215 GMT, rising about 5.2% so far in the week.

On the Singapore Exchange, the benchmark December iron ore was up 1.3% at $104.30 a tonne. China is set to announce an easing of its Covid quarantine protocols in the coming days and a reduction in mass testing, sources told Reuters, a marked shift in policy after anger over the world’s toughest curbs fuelled widespread protests.

Meanwhile, China reported a slight dip in new daily Covid-19 cases on Dec. 1, the National Health Commission said. Market sentiment has also been buoyed by China’s measures to support its struggling property sector, a key consumer of steel.

These measures should have a better chance of developing into stronger demand for steel and iron ore amid a shift away from strict adherence to the zero-Covid policy, ANZ said in a note.

Related News
Read More >>
International crude oil prices fall on Jun 16 International crude oil prices fall on Jun 16
Jun .17.2025
International crude oil prices fall on Jun 16
US makes preliminary CVD ruling on China’s aluminum sheets US makes preliminary CVD ruling on China’s aluminum sheets
Jun .17.2025
US makes preliminary CVD ruling on China’s aluminum sheets
ArcelorMittal Distribución Iberia builds new steel distribution center in Madrid ArcelorMittal Distribución Iberia builds new steel distribution center in Madrid
Jun .17.2025
ArcelorMittal Distribución Iberia builds new steel distribution center in Madrid
US bauxite imports slide 4% in Q1, with Turkey pulling back and Atlantic Alumina under pressure US bauxite imports slide 4% in Q1, with Turkey pulling back and Atlantic Alumina under pressure
Jun .17.2025
US bauxite imports slide 4% in Q1, with Turkey pulling back and Atlantic Alumina under pressure