SINGAPORE- Dalian iron ore futures inched higher on Monday, after China announced more plans to revive its flagging economy, although Singapore iron ore futures dipped slightly.
The most-traded September iron ore on China’s Dalian Commodity Exchange rose 0.8 percent to 849.5 yuan ($118.11) per metric ton.
On the Singapore Exchange, the benchmark August iron ore was down 0.3 percent at $113.4 a metric ton, coming down from a three-month high in the previous session.
China’s state planner on Monday unveiled measures that seek to promote, encourage and spur private investment in some infrastructure sectors and said it will strengthen financing support for private projects.
This came after China’s cabinet approved guidelines last Friday on transforming underdeveloped areas in megacities.
On production, a total of 13 blast furnaces, accounting for about 58,000 metric tons, will be under maintenance over July 21 to 31, analysts at Mysteel said in a note on Monday, up from seven last Friday.
Despite today’s gains, concerns over demand persisted.
“Steel demand remained soft as property indicators deteriorated and lean seasonal demand leaves little hope of a favorable shift,” analysts at ANZ investment bank said in a note.
