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Iron ore futures climbed on Wednesday as investors were buoyed by prospects of fresh measures from China to prop up its struggling property sector, the largest steel consumer in the world’s second-largest economy.
The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) ended daytime trading 1.97% higher at 829 yuan ($113.68) a metric ton, close tothe over three-week high of 834 yuan per ton hit on Monday.
The benchmark September iron ore on the Singapore Exchange was 1.76%higher at $114.15a metric ton, as of 0710GMT.
Guangzhou became the first major Chinese city on Wednesday to announce an easing of mortgage curbs.
This came after someChinese state-owned banks said they wouldsoon lower interest rates on existing mortgages, Reuters reported,as Beijing ramped up efforts to revive the sector.
“China announced some measures to support the flailing property sector. These measures have helped broader sentiment,” analysts at ING Bank said.
Further, Beijing has halvedthe stamp duty on stock trading.
Other steelmaking ingredients also strengthened, with coking coal DJMcv1 and coke DCJcv1 on the DCE up 2.5% and 1.99%, respectively.
Most steel benchmarks on the Shanghai Futures Exchange posted gains. Rebar SRBcv1 advanced 0.95% to 3,713 yuan per ton, hot-rolled coil SHHCcv1 gained0.39% and wire rod SWRcv1 climbed 1.64%.
“Though prices gained strength thanks to the latest stimulus measures, we still think 3,750 yuan per ton will be a resistance level for (steel) rebar. It’s hard to break through the level in the short run,” said Cheng Peng, a Beijing-based analyst at Sinosteel Futures.
“There is still some pressure from the supply side and also there is no obvious improvement in demand yet.”
The profitability of steel mills has fallen for three consecutive weeks, and some mills may cut production after suffering losses, analysts at Sinosteel said.
Stainless steel SHSScv1 ticked down 0.1%.
Source: Reuters (Reporting by Amy Lv and Dominique Patton in Beijing; Editing by Subhranshu Sahu and Sohini Goswami)
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