BEIJING- Dalian and Singapore iron ore futures ticked higher on Tuesday, buoyed by heightened expectations of more supportive measures from China after weaker-than-expected economic data.
The most-traded September iron ore on the Dalian Commodity Exchange (DCE) rose 0.24 percent to 841.5 yuan ($117.38) a metric ton, as of 0215 GMT.
The benchmark August iron ore on the Singapore Exchange gained 0.71 percent to $113.30 a metric ton.
Gross domestic product (GDP) in the world’s second-largest economy grew by 6.3 percent in the second quarter on an annual basis, well below the forecast for growth of 7.3 percent, data from the National Bureau of Statistics showed on Monday.
The property sector, the largest steel consumer in China, remained firmly in a downtrend during the quarter.
“The latest data printing is increasing calls for more stimulus for the Chinese economy,” analysts at the National Australia Bank said in a note.
Expectation grew that more forceful stimulus measures will be unleashed in the politburo meeting by the end of this month to shore up the flagging post-pandemic economic recovery, said analysts.
Other steelmaking ingredients coking coal and coke on the DCE jumped 4.47 percent and 2.44 percent, respectively, after sentiment was lifted by near-term concerns over reduced supply.
