AGL 37.94 Decreased By ▼ -0.54 (-1.4%)
AIRLINK 193.91 Decreased By ▼ -9.11 (-4.49%)
BOP 9.32 Decreased By ▼ -0.85 (-8.36%)
CNERGY 5.84 Decreased By ▼ -0.70 (-10.7%)
DCL 8.68 Decreased By ▼ -0.90 (-9.39%)
DFML 36.46 Decreased By ▼ -3.56 (-8.9%)
DGKC 92.54 Decreased By ▼ -5.54 (-5.65%)
FCCL 33.97 Decreased By ▼ -0.99 (-2.83%)
FFBL 82.30 Decreased By ▼ -4.13 (-4.78%)
FFL 12.75 Decreased By ▼ -1.15 (-8.27%)
HUBC 120.61 Decreased By ▼ -10.96 (-8.33%)
HUMNL 13.60 Decreased By ▼ -0.42 (-3%)
KEL 5.22 Decreased By ▼ -0.39 (-6.95%)
KOSM 6.52 Decreased By ▼ -0.75 (-10.32%)
MLCF 42.11 Decreased By ▼ -3.48 (-7.63%)
NBP 59.81 Decreased By ▼ -6.57 (-9.9%)
OGDC 211.17 Decreased By ▼ -9.59 (-4.34%)
PAEL 37.58 Decreased By ▼ -0.90 (-2.34%)
PIBTL 8.07 Decreased By ▼ -0.84 (-9.43%)
PPL 190.32 Decreased By ▼ -7.56 (-3.82%)
PRL 38.17 Decreased By ▼ -0.86 (-2.2%)
PTC 23.45 Decreased By ▼ -2.02 (-7.93%)
SEARL 97.94 Decreased By ▼ -5.11 (-4.96%)
TELE 8.22 Decreased By ▼ -0.80 (-8.87%)
TOMCL 35.03 Decreased By ▼ -1.38 (-3.79%)
TPLP 13.55 Decreased By ▼ -0.20 (-1.45%)
TREET 22.73 Decreased By ▼ -2.39 (-9.51%)
TRG 52.87 Decreased By ▼ -5.17 (-8.91%)
UNITY 32.96 Decreased By ▼ -0.71 (-2.11%)
WTL 1.52 Decreased By ▼ -0.19 (-11.11%)
BR100 11,349 Decreased By -541.2 (-4.55%)
BR30 34,972 Decreased By -2384.1 (-6.38%)
KSE100 106,275 Decreased By -4795.3 (-4.32%)
KSE30 33,353 Decreased By -1555.7 (-4.46%)

MANILA: Iron ore prices scaled multi-week highs on Tuesday, with benchmark futures in Dalian and Singapore rising for a fourth straight session, underpinned by hopes of improved demand for the steelmaking ingredient in top steel producer China.

The most-traded iron ore for May delivery on China’s Dalian Commodity Exchange rose as much as 2.7% to 703 yuan ($110.28) a tonne, its highest level since Oct. 28.

Iron ore’s February contract on the Singapore Exchange climbed 4.1% to $129.65 a tonne.

In China’s spot market, the benchmark 62%-grade iron ore traded at $125 a tonne on Monday, steadily advancing since Dec. 15 to hit the highest level since Oct. 13, SteelHome consultancy data showed.

“Once again, the direction, momentum and quantum of iron ore prices is largely being dictated by sentiment given that very little has changed from a global supply-demand balance,” said Atilla Widnell, managing director at Navigate Commodities in Singapore.

Dalian iron ore in particular has rebounded more than 30% from a November low, with some gains coming after Beijing early this month vowed to prioritise stabilising economic growth in 2022, fuelling hopes for more stimulus measures.

But downside risks linger, such as the increased likelihood of another COVID-19 outbreak and lockdown in China, and a bloated inventory of imported iron ore now piling up at the country’s ports.

The portside iron ore stockpile last week stood at the highest level since mid-2018, SteelHome data showed.

Steel futures on the Shanghai Futures Exchange retreated after a six-session rally, with rebar falling as much as 2.1%, while hot-rolled coil shed 2.7%. Stainless steel gained 1%.

“Despite falling domestic steel rebar consumption, the bulls are lapping up repeated statements on the prospect of stimulus-driven demand for next year,” Widnell said. Dalian coking coal dropped as much as 1.5% and coke fell 3.4%.

Comments

Comments are closed.