Iron ore prices soar on renewed expectations for pickup in Chinese steel demand
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Update time : 2023-05-10 17:02:35
After a gloomy start to the week, iron ore futures saw a significant recovery on Monday, with the Singapore benchmark rising back above $100 per ton, supported by expectations of an increase in China's steel demand.
After China's manufacturing PMI surprisingly decreased and the growth momentum for service activity was slow in April, the market expected the new stimulus measures could improve the situation. For example, China's housing regulator has tightened the governance of real estate agents by ordering them to lower commissions, which was a measure by the government to support the difficult domestic property sector.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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