Iron ore prices climbed for a second session on Wednesday, driven by Chinese market purchases and real estate support expectations.
The September iron ore contract on the Dalian Exchange rose 3.4% to 826 yuan ($113.67) per ton. In Singapore, the July contract increased 3.8% to $107 per ton.
Short-term demand for iron ore, crucial in steelmaking, remains robust. Iron ore is more cost-effective than steel scrap, another steelmaking material.
Transaction volumes at major Chinese ports grew by 9.3% from Monday to 1.09 million tons on Tuesday, as per Mysteel consultancy.
Beijing announced on Wednesday a reduction in the minimum down payment for first-time homebuyers to 20%.
Futures analysts, noted that investors are speculating on further economic stimuli expected in July.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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