Industry News

Iron ore rises back above $100 as China steps in to ease property woes

Views : 190
Update time : 2022-07-18 18:14:42

July 18 (Reuters) - Dalian and Singapore iron ore futures bounced back above the $100 mark on Monday, as top steel producer China sought to ease concerns over financial distress facing its property sector, but persistent COVID-19 worries limited gains.

The steelmaking ingredient's front-month August contract on the Singapore Exchange SZZFQ2 was up 3.7% at $100.05 a tonne, as of 0700 GMT, rebounding from an eight-month low of $96 hit on Friday.

On China's Dalian Commodity Exchange, the most-traded September iron ore contract DCIOcv1 ended daytime trade 2.2% higher at 679 yuan ($100.63) a tonne, after earlier touching a seven-month low of 638.50 yuan.

Other commodities in China's ferrous complex also rebounded from recent selloffs, with construction steel rebar on the Shanghai Futures Exchange SRBcv1 up 2.1% and hot-rolled coil SHHCcv1 climbing 3.1%. Stainless steel SHSScv1 gained 0.2%.

Dalian coking coal DJMcv1 rose 3.6% and coke DCJcv1 advanced 3.3%.

Related News
Read More >>
Taiwan's coated steel demand falls short of expectations after typhoon reconstruction Taiwan's coated steel demand falls short of expectations after typhoon reconstruction
Sep .19.2025
Taiwan's coated steel demand falls short of expectations after typhoon reconstruction
Global primary aluminum market has short supply of 119,900 tons in Jul Global primary aluminum market has short supply of 119,900 tons in Jul
Sep .19.2025
Global primary aluminum market has short supply of 119,900 tons in Jul
China's aluminum-related production statistics in Aug China's aluminum-related production statistics in Aug
Sep .19.2025
China's aluminum-related production statistics in Aug
Saudi Arabia accelerates major water transmission projects, raising pipe and long steel demand Saudi Arabia accelerates major water transmission projects, raising pipe and long steel demand
Sep .19.2025
Saudi Arabia accelerates major water transmission projects, raising pipe and long steel demand