Latest news with #DalianCommodityExchange
Business Recorder
14 hours ago
- Business
- Business Recorder
Iron ore rallies on China stimulus hopes, steel export demand
SINGAPORE: Iron ore futures prices rose on Monday, supported by hopes for more stimulus in China to aid growth momentum following a mixed bag of second-quarter economic data, and steel export demand. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) was 2.15% higher at 809.5 yuan ($112.78) a metric ton, as of 0250 GMT. The benchmark August iron ore on the Singapore Exchange was 2.81% higher at $103.6 a ton. China left its benchmark lending rates unchanged, in line with expectations after slightly better-than-expected second-quarter economic data. Market focus is now on this month's Politburo meeting, which is likely to shape economic policy for the rest of the year, traders and analysts said. Growing expectations of macroeconomic policy stimulus drove prices of major steel products higher, Mysteel Global said in a note. Improved margins on steel sales also prompted steel mills to increase their blast furnace operations, with the average blast furnace capacity utilisation rate rising by 0.99 percentage points week-on-week during July 11-17, Mysteel said in a separate note. According to analysts, hot metal output, an indicator of iron ore demand, remained high. Steel exports remained high overall, broker Everbright Futures said in a note. Elsewhere, iron ore shipments from top producers Australia and Brazil have increased slightly, said broker Hexun Futures. Other steelmaking ingredients on the DCE surged, with coking coal and coke up 4.18% and 2.95%, respectively. Steel benchmarks on the Shanghai Futures Exchange gained ground. Rebar and wire rod rose around 2% each, hot-rolled coil climbed 2.26%, and stainless steel edged up 1.45%.
Business Recorder
2 days ago
- Business
- Business Recorder
Dalian iron ore set for fourth weekly gain on demand optimism
SINGAPORE: Dalian iron ore futures climbed on Friday and were headed for a fourth consecutive weekly gain, as upbeat demand outlook and hopes for further policy support from Beijing boosted market sentiment. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) rose 0.7% to 787.5 yuan ($109.67) a metric ton, as of 0320 GMT. The contract has gained 3.01% this week. The benchmark August iron ore on the Singapore Exchange was 0.57% higher at $101.4 a ton, up 2.19% this week. Traders are optimistic about improving steel margins following Beijing's signals to tackle over-capacity, while hopes for new property-sector stimulus have further lifted market sentiment, analysts from ANZ said in a note. Lower inventories for both iron ore and steel are also fuelling expectations of restocking in the months ahead, ANZ added.
Time of India
4 days ago
- Business
- Time of India
Iron ore rises on strong China steel demand, production curbs
Singapore: Iron ore futures gained for a second straight session on Thursday, buoyed by firm steel demand amid production curbs in top Chinese steelmaking regions. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) rose 1.81 per cent to 785.5 yuan ($109.39) a metric ton. The benchmark August iron ore on the Singapore Exchange was 0.86 per cent higher at $100.8 a ton by 0713 GMT. Steel production has rebounded in China, driven by accelerating accumulation of building materials, robust manufacturing demand and sustained strength in steel exports, broker Galaxy Futures said. Key steel producing regions Shanxi and Tangshan have started implementing output restrictions, Galaxy said. Although it is the off-season for steel products, there has been increased demand for steel, while some blast furnaces are approaching mid-year maintenance, said broker Hexun Futures. Iron ore shipments from top suppliers Australia and Brazil have fallen after a ramp-up by the end of the past quarter, analysts said. Rio Tinto posted its highest second-quarter iron ore output since 2018, but shipments missed analyst forecasts and hit their lowest for the half since 2014 due to weather-related disruptions. Improving mill margins are starting to boost optimism around demand, ANZ analysts said. Meanwhile, BHP said the costs of establishing a "green iron" industry in Australia remained too high, even as Australia and China reached an agreement this week to collaborate on steel supply chain decarbonisation. Australia, which supplies 60 per cent of China's iron ore needs, produces lower-grade iron ore, which cannot be directly processed into steel with renewable energy. Other steelmaking ingredients on the DCE rose, with coking coal and coke up 1.55 per cent and 1%, respectively. All steel benchmarks on the Shanghai Futures Exchange gained ground. Rebar gained 0.8 per cent, hot-rolled coil climbed 1.23%, wire rod rose 0.86 per cent and stainless steel firmed 0.32 per cent.
Business Recorder
5 days ago
- Business
- Business Recorder
Iron ore rises on strong China steel demand, production curbs
SINGAPORE: Iron ore futures prices advanced on Thursday, buoyed by robust steel demand amid production curbs in top Chinese steelmaking regions. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) rose 1.3% to 781.5 yuan ($108.87) a metric ton by 0337 GMT. The benchmark August iron ore on the Singapore Exchange was 0.66% higher at $100.6 a ton. Steel production has rebounded in China, driven by accelerating accumulation of building materials, robust manufacturing demand, and sustained strength in steel exports, broker Galaxy Futures said in a note. Key steel producing regions Shanxi and Tangshan have started implementing output restrictions, Galaxy said. Iron ore shipments from top suppliers Australia and Brazil have fallen after a ramp-up by the end of the past quarter, according to analysts. Rio Tinto posted its highest second-quarter iron ore output since 2018, but shipments missed analyst forecasts and reached their lowest level for the half since 2014 due to weather-related disruptions. Improving mill margins are starting to boost optimism around demand, ANZ analysts said in a note. Meanwhile, BHP said costs of establishing a 'green iron' industry in Australia remained too high, even as Australia and China reached an agreement this week to work together on steel supply chain decarbonisation. Australia, which supplies 60% of China's iron ore needs, produces lower-grade iron ore which cannot be directly processed into steel with renewable energy. Other steelmaking ingredients on the DCE fell, with coking coal and coke down 0.66% and 0.83%, respectively. Most steel benchmarks on the Shanghai Futures Exchange gained ground. Rebar increased 0.26%, hot-rolled coil climbed 0.68%, wire rod rose 0.39% and stainless steel lost 0.08%.
Business Recorder
5 days ago
- Business
- Business Recorder
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.
