Latest news with #DCE
Business Recorder
4 hours ago
- Business
- Business Recorder
Iron ore gains on constructive Sino-US trade talks
BEIJING: Prices of iron ore futures rose on Wednesday, bolstered by hopes of a further extension of a tariff truce between the world's top two economies, although caution ahead of a high-level meeting in top consumer China limited the gains. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.69% higher at 798 yuan ($111.23) a metric ton, as of 0211 GMT. The benchmark September iron ore on the Singapore Exchange was up 0.16% at $102.9 a ton, as of 0205 GMT. U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of what both sides described as constructive talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth. While U.S. officials said President Donald Trump will decide whether to extend the trade truce that expires on August 12, Treasury Secretary Scott Bessent tamped down any expectation of Trump rejecting the extension. Lifting market sentiment, the International Monetary Fund raised its forecast for China's economic growth this year to 4.8% from 4.0%. The iron ore market has recently been influenced more by the macro sentiment, analysts at broker Everbright Futures said in a note. Gains in iron ore prices were capped by concerns that Beijing may not unveil more stimulus measures at a Politburo meeting by end-July, which is expected to set the country's economic policy for the rest of the year. Other steelmaking ingredients on the DCE rebounded from two sessions of falls, with coking coal and coke up 5.66% and 5.3%, respectively. Steel benchmarks on the Shanghai Futures Exchange gained on higher raw materials costs. Rebar rose 1.48%, hot-rolled coil climbed 2.11%, wire rod advanced 1.62% and stainless steel ticked 0.58% higher.
Business Recorder
12 hours ago
- Business
- Business Recorder
Iron ore stays above $100/t amid Sino-US trade talks
BEIJING: Iron ore futures prices held well over the key psychological level of $100 a metric ton on Tuesday, while investors closely monitored the renewed Sino-US trade talks for signs of progress. The benchmark September iron ore on the Singapore Exchange was 0.61% higher at $101.4 a ton, as of 0205 GMT. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.57% lower at 788.5 yuan ($109.86) a ton. Talks between top US and Chinese officials in Stockholm, who met on Monday, are expected to continue on Tuesday to resolve longstanding economic disputes between the world's top two economies. Although the two superpowers have no deep ties in terms of direct trade in steel and its feedstock iron ore, trade frictions could blur demand outlook in top consumer China, said analysts. Underpinning prices of the key steel feedstock were also falling iron ore arrivals, with those at the major ports slipping by 7.6% week-on-week to 23.2 million tons in the week as of July 27, data from consultancy Mysteel showed. 'Fundamentals of iron ore are relatively healthy amid falling arrivals and resilient hot metal output, supporting prices,' analysts at Shengda Futures said in a note. Markets also awaited details of a Chinese Politburo meeting by July-end that is expected to set the country's economic policy for the rest of the year. Prices of coking coal and coke, also steelmaking ingredients, extended their slump for a second straight session, falling 11.54% and 4.83%, respectively. Both had surged in the past week, fueled by the anticipation of a potential supply cut after the government planned to inspect mines at eight key coal production hubs to check for excess production. Most steel benchmarks on the Shanghai Futures Exchange subsided. Rebar dipped 0.67%, hot-rolled coil fell 0.47%, stainless steel lost 0.62%, while wire rod added 0.63%.
Business Recorder
a day ago
- Business
- Business Recorder
Iron ore stays above $100 metric ton amid Sino-US trade talks; coal slump continues
BEIJING: Iron ore futures prices held well over the key psychological level of $100 a metric ton on Tuesday, while investors closely monitored the renewed Sino-US trade talks for signs of progress. The benchmark September iron ore on the Singapore Exchange climbed 1.9% to $102.7 a ton, as of 0700 GMT. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) erased the morning's loss to end daytime trade 0.63% higher at 798 yuan ($111.17) a ton. Talks between top U.S. and Chinese officials in Stockholm, who met on Monday, are expected to continue on Tuesday to resolve longstanding economic disputes between the world's top two economies. Although the two superpowers have no deep ties in terms of direct trade in steel and its key feedstock iron ore, trade frictions could blur demand outlook in top consumer China, said analysts. Underpinning iron ore prices were also falling arrivals, with those at the major ports slipping by 7.6% week-on-week to 23.2 million tons in the week as of July 27, data from consultancy Mysteel showed. Kumba Iron Ore half-year profit flat despite increased sales 'Fundamentals of iron ore are relatively healthy amid falling arrivals and resilient hot metal output, supporting prices,' analysts at Shengda Futures said in a note. Markets also awaited details of a Chinese Politburo meeting by July-end that is expected to set the country's economic policy for the rest of the year. Prices of coking coal and coke, also steelmaking ingredients, extended their slump for a second straight session, falling 6.63% and 2.62%, respectively. Both had surged in the past week, fueled by the anticipation of a potential supply cut after the government planned to inspect mines at eight key coal production hubs to check for excess production. Most steel benchmarks on the Shanghai Futures Exchange gained. Rebar added 1.98%, hot-rolled coil rose 2.01%, wire rod advanced 2.33% while stainless steel lost 0.12%.
Business Recorder
a day ago
- Business
- Business Recorder
Coking coal retreats on profit-taking activities
BEIJING: Prices of coking coal futures in China retreated on Monday, as investors closed their long positions to cash in profits after the Dalian exchange decided to limit positions following the steelmaking ingredient's dramatic price rally. The most-traded coking coal on China's Dalian Commodity Exchange (DCE) slid by 7% to 1,150 yuan ($160.43) a metric ton, as of 0257 GMT. Coke also fell by nearly 6%. The Dalian exchange's announcement came after the price of coking coal rallied by 33% in the past week, fuelled by growing expectations of a supply reduction after the National Energy Administration ordered inspections at mines to check for excess production. 'Speculative sentiment receded and some investors liquidated long positions to avert risks after the Dalian exchange imposed restrictions on positions holding, thus resulting in a steep price fall,' said Zhou Tao, an analyst at broker Galaxy Futures. Prices of key steelmaking ingredient iron ore also softened, albeit in a tight range, as investors awaited clear clues from the upcoming high-level Politburo meeting by end-July and the fresh trade talks between the world's two largest economies. The most-traded September iron ore contract traded 0.56% lower at 795.5 yuan a ton, and the benchmark September iron ore on the Singapore Exchange was 0.47% lower at $102.8 a ton. Steel benchmarks on the Shanghai Futures Exchange languished. Rebar shed 1.27%, hot-rolled coil lost 1.41%, wire rod slipped 2.9% and stainless steel dipped 0.62%.
Business Recorder
4 days ago
- Business
- Business Recorder
Iron ore dips on higher inventories
SINGAPORE: Iron ore futures prices edged lower on Friday, weighed down by a rise in Chinese port inventories and softer global steel production, although positive macroeconomic sentiment limited further losses. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 1.85% lower at 796.5 yuan ($111.20) a metric ton, as of 0339 GMT. The benchmark August iron ore on the Singapore Exchange was 1.81% lower at $103.15 a ton. Global steel production in June fell 5.8% year-on-year, while crude steel output from top producer and consumer China fell 9.2% during the same period, data from the World Steel Association showed.
