- Write by:
-
Saturday, November 25, 2023 - 22:06:20
-
171 Visit
-
Print
Mining News Pro - Iron ore futures erased earlier losses and are set for their fifth weekly gain on Friday as property support-led optimism in top consumer China outweighed headwinds from the latest intervention from authorities.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.61% higher at 986.5 yuan ($136.80) a metric ton.
The benchmark December iron ore on the Singapore Exchange climbed 0.88% to $134.35 a ton, following a 1.15% drop in the previous session.
The persistent strength in the price of the key steelmaking feedstock came after moves by Beijing to revive its debt-ridden property sector, the country’s largest steel consumer.
China may allow banks to offer unsecured short-term loans to qualified property developers for the first time, Bloomberg News reported on Thursday.
This came after Chinese regulators are reportedly drafting a list of 50 real estate developers eligible for funding.
This has offset some losses following the latest government intervention.
China’s state planner said it would closely monitor changes in the iron ore market and further tighten supervision of spot and futures trading in its latest effort to curb a price rally, leading to a price drop on Thursday.
“Iron ore prices are likely to consolidate in the short run amid the joint impact of favorable and unfavorable factors,” analysts at Everbright Futures said in a note.
Other steelmaking ingredients strengthened on supply disruptions, with coking coal and coke on the DCE up 3.87% and 3.29%, respectively.
Some coal mines in Lvliang city in north China’s Shanxi province, its top coal production hub, temporarily suspended production due to intensified safety checks, consultancy Mysteel said, fanning concerns about reduced supply in the near term.
Steel benchmarks on the Shanghai Futures Exchange were driven up by higher raw materials. Rebar added 0.66%, hot-rolled coil rose 0.85%, wire rod climbed 1.3% and stainless steel gained 0.92%.
Short Link:
https://www.miningnews.ir/En/News/627699
Brazil’s Corumba region could more than double iron ore shipments through neighboring Uruguay this year if there is ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Mining company Vale expects to reach a final agreement with authorities for reparations for the collapse of the Samarco ...
Brazilian miner Vale on Wednesday said lower prices for iron ore, nickel and copper in the first quarter dragged down ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
BHP Group Ltd. proposed a takeover of Anglo American Plc that values the smaller miner at £31.1 billion ($38.8 billion), ...
No comments have been posted yet ...