|
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)
金屬板材展-線材展-金屬加工展-2024第二十四屆廣州國際金屬板材、棒材、線材及金屬加工、配套設(shè)備展—全球三大金屬展之一巨浪展覽-THE 24th GUANGZHOU INTERNATIONAL PLATEMETAL, BAR, WIRE, METAL PROCESSING & SETTING EQUIPMENT EXHIBITION
2024金屬板材展，2024金屬板材展會(huì)，2024金屬板材展覽會(huì)，2024金屬板材展會(huì)信息，2024廣州金屬板材展，2024廣州金屬板材展會(huì)，2024 廣州金屬板材展覽會(huì)，鋼板展，鋼板展會(huì)，鋼板展會(huì)信息，2024鋼板展會(huì)，2024廣州鋼板展會(huì)，彩鋼板展，彩鋼板展會(huì)，彩鋼板展覽會(huì)，2024彩鋼板展，2024彩鋼板展覽會(huì)，2024彩鋼板展會(huì)，2024廣州彩鋼板展，2024廣州彩鋼板展會(huì)，2024廣州彩鋼板展覽會(huì)，2024廣東彩鋼板展， 2024廣東彩鋼板展會(huì)，2024廣東彩鋼板展覽會(huì)，2024中國金屬板材展，2024中國金屬板材展會(huì)，2024中國金屬板材展展覽會(huì)，2024線材展，2024材展會(huì)，2024線材展覽會(huì)，2024廣州線材展，2024廣州線材展會(huì)，2024廣東線材展，2024廣東線材展會(huì)，2024中國線材展，2024中國線材展會(huì)，2024線材博覽會(huì)，2024金屬加工展，2024金屬加工展會(huì)，2024金屬加工展覽會(huì)，2024廣州金屬加工展，2024廣州金屬加工展會(huì)，2024廣東金屬加工展，2024廣東金屬加工展會(huì)，2024中國金屬加工展，2024中國金屬加工展會(huì)，2024金屬加工博覽會(huì)-plate metal Industry Exhibition,plate metal expo, 2024 plate metal exhibition, 2024 plate metal expo, China plate metal exhibition, China plate metal expo,plate metal Industry event,plate metal event, 2024 plate metal event, 2024 plate metal event, China plate metal event, China plate metal event,wire Industry Exhibition,wire expo, 2024 wire exhibition, 2024 wire expo, China wire exhibition, China wire expo,wire Industry event,wire event, 2024 wire event, 2024 wire event, China wire event, China wire event
|
