Beijing: Iron ore Futures advanced for a second session on Tuesday, as sentiment was boosted by Beijing’s latest support for the property sector and lingering concerns over the potential. supply disruption,
Highest trade of iron ore in January took place in China Dalian Commodity Exchange (DCE) added 2.6% to 985 yuan ($136.59) per metric tonne by 0238 GMT.
Benchmark December iron ore on the Singapore Exchange rose 1.95% to $133.65 a tonne by 0249 GMT.
Chinese regulators are drafting a list of 50 real estate developers It is eligible for several types of funding, Bloomberg News reported Monday, citing people familiar with the matter.
China’s CSI 300 real estate index rose more than 3% in the morning session.
Following news that around 400 train drivers for BHP’s Western Australian iron ore division will begin industrial action this weekend, there are also concerns about near-term disruption to supply as prices of the key steelmaking material rise.
Other steelmaking commodities also advanced, with coking coal and coke rising 0.34% and 0.54% respectively on DCE.
Steel benchmarks were stronger on the Shanghai Futures Exchange. Rebar climbed 2.15% to 4,037 yuan a tonne, hot-rolled coil rose 1.04%, wire rod strengthened 1.09% while stainless steel declined 0.29%.
“Production curbs in Tangshan contributed to the strengthening of the steel market, as well as the strengthening of the raw material market,” said Cheng Peng, a Beijing-based analyst at Sinosteel Futures.
Some northern cities, including top steel production center Tangshan, imposed a Level 2 emergency response from Sunday after heavy air pollution was forecast.
Local steel mills are generally required to curb production amid emergency actions.
Steel prices are unlikely to fall significantly amid higher raw material prices, analysts at Mike Futures said in a note.
Highest trade of iron ore in January took place in China Dalian Commodity Exchange (DCE) added 2.6% to 985 yuan ($136.59) per metric tonne by 0238 GMT.
Benchmark December iron ore on the Singapore Exchange rose 1.95% to $133.65 a tonne by 0249 GMT.
Chinese regulators are drafting a list of 50 real estate developers It is eligible for several types of funding, Bloomberg News reported Monday, citing people familiar with the matter.
China’s CSI 300 real estate index rose more than 3% in the morning session.
Following news that around 400 train drivers for BHP’s Western Australian iron ore division will begin industrial action this weekend, there are also concerns about near-term disruption to supply as prices of the key steelmaking material rise.
Other steelmaking commodities also advanced, with coking coal and coke rising 0.34% and 0.54% respectively on DCE.
Steel benchmarks were stronger on the Shanghai Futures Exchange. Rebar climbed 2.15% to 4,037 yuan a tonne, hot-rolled coil rose 1.04%, wire rod strengthened 1.09% while stainless steel declined 0.29%.
“Production curbs in Tangshan contributed to the strengthening of the steel market, as well as the strengthening of the raw material market,” said Cheng Peng, a Beijing-based analyst at Sinosteel Futures.
Some northern cities, including top steel production center Tangshan, imposed a Level 2 emergency response from Sunday after heavy air pollution was forecast.
Local steel mills are generally required to curb production amid emergency actions.
Steel prices are unlikely to fall significantly amid higher raw material prices, analysts at Mike Futures said in a note.
(TagstoTranslate)Supply disruptions(T)Real estate developers(T)Iron ore(T)Dalian Commodity Exchange(T)China’s property sector