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Iron ore gains as markets await key China meeting

Iron ore futures swung to gains from losses on the very first working day of the week as the market acutely awaited a key conference of the top management in biggest customer China for cues on stimulus procedures.

China's National People's Congress (NPC) Standing Committee is fulfilling over Nov. 4-8 and all eyes are on whether more stimulus steps would be unveiled to stimulate the economy.

The most-traded January iron ore agreement on China's Dalian Product Exchange (DCE) ended daytime trade 0.91%. higher at 779 yuan ($ 109.78) a metric lot, after touching the. least expensive given that Oct 25 at 760.5 yuan a heap previously in the session.

The benchmark December iron ore on the Singapore. Exchange included 1.63% to $103.8 a lot, since 0700 GMT. It struck the. lowest given that Oct. 25 at $101.25 a load earlier.

The installing expectation for strong China stimulus this week. and a weaker U.S. dollar helped rates of the secret. steelmaking ingredient to rebound in the afternoon session.

But headwinds of damaging need, growing supply and. portside stocks continued, restricting price gains, stated analysts.

Portside stocks piled up in October and we are. anticipating to see a more rise in November and December, when. ore need is seasonally soft, stated Zhuo Guiqiu, an expert at. Jinrui Futures.

The typical everyday output of hot metal, an indication to assess. iron ore demand, halted an eight-week gain to pose a fall of. 0.1% week-on-week to 2.35 million heaps in the week as of Nov 1,. information from consultancy Mysteel showed.

Other steelmaking components on the DCE brushed off. earlier losses, with coking coal and coke up. 1.6% and 2.07%, respectively.

Steel criteria on the Shanghai Futures Exchange similarly. gave up previously losses. Rebar included 0.74%, hot-rolled. coil climbed up 0.85%, wire rod rose 0.85% and. stainless steel ticked up 0.48%.

(source: Reuters)