Sunday, February 5, 2023
spot_img
HomeHeadlinesDalian iron ore edges higher as China stimulus offers relief

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Dalian iron ore edges higher as China stimulus offers relief

Dalian iron ore edged higher on Thursday, buoyed by hopes of improved steel demand in China in 2023, as Beijing seeks to ensure economic growth, even as local COVID outbreaks are curbing industrial activity and consumer demand.

Top global steel producer China will implement policy measures to support the economy and aim for an improvement in growth in early 2023, state media on Wednesday quoted the cabinet as saying.

Last week, Chinese leaders pledged to focus on stabilising the economy in 2023 and step up policy adjustments.

Iron ore’s benchmark May contract on China’s Dalian Commodity Exchange DCIOcv1 ended daytime trade 0.7% higher at 817.50 yuan ($117.14) a tonne.

But worries about the economic impact of COVID-19 outbreaks in the near term weighed on the steelmaking ingredient’s benchmark January contract on the Singapore Exchange, which was down 1.2% at $110.90 a tonne as of 0716 GMT.

“The economy is struggling to recover from rising COVID cases,” said Iris Pang, ING Greater China chief economist. “We expect that economic recovery from now until March will be bumpy.”

A Shanghai hospital has told its staff to prepare for a “tragic battle” with COVID-19 as it expects half of the city’s 25 million people to get infected by the end of the year.

Other Dalian steelmaking inputs fell, with coking coal DJMcv1 and coke DCJcv1 down 2.2% and 3%, respectively, surrendering gains despite the absence of progress regarding trade blockages that involve coal shipments from Australia, among other commodities.

Steel benchmarks were subdued, with rebar on the Shanghai Futures Exchange SRBcv1 down 0.4% and wire rod SWRcv1 slipping 0.2%, while hot-rolled coil SHHCcv1 edged up 0.1%. Stainless steel SHSScv1 dipped 0.7%.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...