AGL 37.55 Increased By ▲ 0.05 (0.13%)
AIRLINK 218.49 Decreased By ▼ -4.40 (-1.97%)
BOP 10.68 Decreased By ▼ -0.14 (-1.29%)
CNERGY 7.32 Decreased By ▼ -0.24 (-3.17%)
DCL 9.10 Decreased By ▼ -0.32 (-3.4%)
DFML 40.35 Decreased By ▼ -0.61 (-1.49%)
DGKC 102.20 Decreased By ▼ -4.56 (-4.27%)
FCCL 34.40 Decreased By ▼ -2.67 (-7.2%)
FFL 19.50 Increased By ▲ 0.26 (1.35%)
HASCOL 12.82 Decreased By ▼ -0.36 (-2.73%)
HUBC 130.69 Decreased By ▼ -1.95 (-1.47%)
HUMNL 14.42 Decreased By ▼ -0.31 (-2.1%)
KEL 5.27 Decreased By ▼ -0.13 (-2.41%)
KOSM 7.20 Decreased By ▼ -0.28 (-3.74%)
MLCF 45.45 Decreased By ▼ -2.73 (-5.67%)
NBP 65.79 Decreased By ▼ -0.50 (-0.75%)
OGDC 220.12 Decreased By ▼ -3.14 (-1.41%)
PAEL 44.25 Increased By ▲ 0.75 (1.72%)
PIBTL 9.08 Increased By ▲ 0.01 (0.11%)
PPL 192.28 Decreased By ▼ -5.96 (-3.01%)
PRL 41.60 Decreased By ▼ -0.64 (-1.52%)
PTC 26.69 Decreased By ▼ -0.70 (-2.56%)
SEARL 107.29 Decreased By ▼ -2.79 (-2.53%)
TELE 10.32 Decreased By ▼ -0.20 (-1.9%)
TOMCL 35.86 Decreased By ▼ -0.76 (-2.08%)
TPLP 14.48 Decreased By ▼ -0.47 (-3.14%)
TREET 25.86 Decreased By ▼ -0.67 (-2.53%)
TRG 67.34 Decreased By ▼ -1.51 (-2.19%)
UNITY 33.50 Decreased By ▼ -0.69 (-2.02%)
WTL 1.75 Decreased By ▼ -0.04 (-2.23%)
BR100 12,291 Decreased By -72.5 (-0.59%)
BR30 37,354 Decreased By -863.8 (-2.26%)
KSE100 116,637 Decreased By -482.9 (-0.41%)
KSE30 36,770 Decreased By -166.8 (-0.45%)

BEIJING: Iron ore futures prices rebounded on Monday, helped by improving steel margins, falling portside stocks and stimulus hopes in top consumer China, although gains were limited by seasonally slow demand.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.98% higher at 775.5 yuan ($106.25) a metric ton. The benchmark January iron ore on the Singapore Exchange climbed 1.83% to $100.65 a ton by 0700 GMT. Earlier in the day, it hit an intraday low of $98.95 a ton.

The Dalian contract has declined 16.3% so far this year, while the Singapore contract has fallen 19.2%. Hot metal output will likely fall further in January, though the decline is not expected to be large given that steel mills could still make money, analysts at Everbright Futures said in a note. Hot metal output is typically used to gauge iron ore demand.

Data from consultancy Mysteel showed that 49.78% of the steelmakers surveyed were operating at a profit as of Dec. 26, up from 48.48% in the prior week.

“Currently, the divergence on market outlook is likely to widen, but a rising trend might sustain,” analysts at Galaxy Futures said in a note.

“Portside stocks extended falls, which will likely continue as major miners slow shipments and (ore) demand remains resilient (despite some falls).” Iron ore stocks at major ports slipped for a second straight week, down by 0.6% to 146.85 million tons in the week to Dec. 27, data from consultancy Steelhome showed. However, the level was still 28.3% higher than the year-earlier period.

Other steelmaking ingredients on the DCE gained ground, with coking coal and coke up 1.58% and 0.78%, respectively. Most steel benchmarks on the Shanghai Futures Exchange ticked higher. Rebar advanced 1%, hot-rolled coil rose 0.56%, stainless steel edged up 0.31%, while wire rod fell 1.29%.

Comments

200 characters