Dalian iron ore rises

- Advertisement -

SINGAPORE- Dalian iron ore futures rose to their highest in more than two weeks on Monday, buoyed by stronger global steel production and further monetary stimulus from top consumer China.

The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.06 percent higher at 775.5 yuan ($107.06) a metric ton.

The contract had earlier risen as high as 791.0 yuan, its strongest since Nov. 8.

- Advertisement -spot_img

The benchmark December iron ore on the Singapore Exchange was 0.72 percent higher at $101.3 a ton.

Global crude steel output in October climbed 0.4 percent from the previous year to hit 151.2 million tons, World Steel Association data showed on Friday.

In China, the world’s top metals producer and consumer of the metal, crude steel production rose 2.9 percent to 81.9 million tons over the same period, the data showed.

Lower Chinese steel product inventory driven by robust exports also supported iron ore prices above $100 a ton, Westpac analysts said in a note. Meanwhile, China’s central bank injected 900 billion yuan ($124.3 billion) into its banking system on Monday via one-year policy loans.

Author

Previous article
Next article

Share post: