logo
Iron ore rises on strengthening Australia-China ties; housing concerns persist

Iron ore rises on strengthening Australia-China ties; housing concerns persist

SINGAPORE: Iron ore futures climbed on Wednesday, buoyed by strengthening ties between top producer Australia and leading consumer China, though gains were capped by concerns over persistent weakness in China's property sector.
The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 1.05% higher at 773 yuan ($107.70) a metric ton.
The benchmark August iron ore on the Singapore Exchange was 1.04% higher at $99.95 a ton, as of 0754 GMT.
With Australia's exports to China dominated by iron ore, Australian Prime Minister Anthony Albanese travelled to Beijing with executives from mining giants Rio Tinto, BHP , and Fortescue, who met Chinese steel industry officials on Monday.
Iron ore futures rise on strong China trade data
After a meeting between Albanese and Chinese President Xi Jinping, the two countries agreed to a new Policy Dialogue on Steel Decarbonisation, granting Australia insight into Chinese government planning.
Albanese also said a decade-old free trade agreement with China, Australia's largest trade partner, would be reviewed.
Despite the new decarbonisation dialogue, BHP has determined that producing low-carbon steel products is too costly, and has decided 'not to produce green iron or steel ourselves.'
Demand for steel in the Chinese manufacturing industry remains high, while expectations of supply-side policy actions have also driven prices, broker Galaxy Futures said in a note.
Amid a persistent slowdown in China's property market, crude steel output in June fell 9.2% from the year before, leaving first-half production at its weakest since 2020.
This has offset positive sentiment building up in recent weeks on signs of robust demand, analysts from ANZ said in a note.
Other steelmaking ingredients on the DCE fell, with coking coal and coke down 1.48% and 1.45%, respectively.
Most steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar dipped 0.48%, hot-rolled coil decreased 0.31%, wire rod eased 0.45% and stainless steel was flat.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Russian rouble slides to more than six-week low after central bank rate cut
Russian rouble slides to more than six-week low after central bank rate cut

Business Recorder

time37 minutes ago

  • Business Recorder

Russian rouble slides to more than six-week low after central bank rate cut

The Russian rouble weakened beyond the 80 mark to the dollar for the first time in more than six weeks on Monday as the market reacted to the Bank of Russia cutting interest rates by 200 basis points to 18% late last week. Friday's rate move was the biggest cut in borrowing costs since May 2022, with the central bank hoping to revive lending and boost flagging economic growth after stubbornly high inflation showed signs of easing. The rouble was down 0.6% as of 1057 GMT at 79.90 per U.S. dollar, according to data compiled by LSEG based on over-the-counter quotes. The rouble hit a low of 80.60 earlier in the session, its weakest point since June 12. 'It is obvious that the factor of rouble support in the form of tight monetary policy will gradually start to decrease its influence on the national currency,' Maxim Timoshenko from Russian Standard Bank. Against the Chinese yuan, the most traded foreign currency in Russia, the rouble weakened by 0.7% to 11.13. Brent crude oil, a global benchmark for Russia's main export, was up 1.1% at $69.17 a barrel.

Indian rupee slips but sidesteps firmer dollar as flows dominate price-action
Indian rupee slips but sidesteps firmer dollar as flows dominate price-action

Business Recorder

time37 minutes ago

  • Business Recorder

Indian rupee slips but sidesteps firmer dollar as flows dominate price-action

MUMBAI: The Indian rupee dipped on Monday as month-end dollar bids from importers exerted some pressure, but the currency largely sidestepped the spillover from a firmer dollar, which traders indicated was due to the absence of substantial outflows. The rupee closed at 86.6650 against the U.S. dollar, 0.2% down from its close of 86.5150 in the previous session. While the rupee was trading marginally stronger in the first half of the session, it reversed course in the latter half as the dollar index rose. Asian currencies were a tad lower on the day, with the offshore Chinese yuan down by 0.1%. The rupee is 'only reacting to flows' over recent sessions, and has found some support above 86.60, a trader at a state-run bank said, pointing to price action driven by foreign portfolio flows and corporate activity. India's benchmark equity indexes, the BSE Sensex and Nifty 50 fell 0.7% and 0.63% on the day, respectively, diverging from gains in most regional equities. The country's benchmark 10-year bond yield, meanwhile, ticked up to 6.3603%. Equities in Europe were mostly higher while the euro fell, after the U.S. and EU reached a trade agreement over the weekend and investors welcomed the deal with cautious optimism. Indian rupee slides for third straight week as tariff deadline, Fed decision near The euro's recent price action 'likely reflects more general U.S. dollar sentiment that was improving toward the end of last week, and we suspect (the sentiment) could extend further this week as investors' optimism over the U.S. economy improves,' MUFG said in a note. U.S. economic data, including the closely watched non-farm payrolls report, will be in focus as investors gauge how far the optimism extends. The Federal Reserve, meanwhile, will deliver its policy decision on Wednesday and is widely expected to keep rates unchanged. Interest rate futures are currently pricing in a little over 60% chance of a rate cut in September, per CME's FedWatch tool.

Alibaba to launch AI glasses in bid to rival Meta
Alibaba to launch AI glasses in bid to rival Meta

Express Tribune

time4 hours ago

  • Express Tribune

Alibaba to launch AI glasses in bid to rival Meta

Chinese tech conglomerate Alibaba has announced its entry into the wearable technology market with the upcoming launch of its first smart glasses, powered by the company's in-house artificial intelligence platforms. Named the Quark AI Glasses, the device is set to debut in China by the end of 2025 and will be backed by Alibaba's Qwen large language model and its intelligent assistant, Quark. The move marks Alibaba's first major step into smart eyewear, placing it in direct competition with Meta - whose Ray-Ban-branded smart glasses have led developments in the sector - as well as domestic rival Xiaomi, which introduced its own AI glasses earlier this year. Read more: While full specifications and pricing are yet to be revealed, Alibaba confirmed that the glasses will include key features such as hands-free calling, music playback, real-time translation, meeting transcription, and a built-in camera. #Alibaba debuts its first Quark AI glasses at #WAIC2025 in Shanghai. Powered by Qualcomm's and China's Bestechnic chips, the glasses offer voice control, real-time translation, and transcription. 👓 They're fully integrated with Alibaba apps, including Alipay for payments and… — Bridging News (@BridgingNews_) July 27, 2025 The device will also integrate with Alibaba's broader ecosystem, allowing users to access navigation tools, pay via Alipay, and shop on Taobao directly through the glasses. The company, headquartered in Hangzhou, sees the Quark AI Glasses as part of a wider trend in the tech industry, where smart glasses are increasingly viewed as the next evolution of computing—alongside smartphones. Quark, Alibaba's AI assistant launched earlier this year as a standalone mobile app, will now expand its presence through hardware. This approach is seen as a strategic step to enhance user interaction and widen adoption. Alibaba is positioning itself as a leading force in China's AI landscape, developing homegrown models and products to rival those from international firms such as OpenAI. No official release date or market price has been provided, though the company confirmed a domestic rollout by year's end.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store