Sunday, June 11, 2023
HomeHeadlinesDalian iron ore extends rally as China industrial profits rebound


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

Dalian iron ore extends rally as China industrial profits rebound

Dalian iron ore futures rose on Wednesday after data showed profits at industrial firms in China, the world’s top steel producer and consumer, had rebounded last month, although the steelmaking ingredient remained under pressure in Singapore.

The benchmark September contract on China’s Dalian Commodity Exchange ended morning trade 1.9% up at 741 yuan ($109.50) a tonne, extending its rally to a fourth straight session.

On the Singapore Exchange, the most-traded September contract was down 1.2% at $110.80 a tonne, as of 0345 GMT, off session-low of $108.40, as the excitement over news of a rescue fund for struggling Chinese property developers waned.

Profits at China’s industrial firms bounced back to growth in June, bolstered by the resumption of activity in major manufacturing hubs, though worries about a COVID-19 resurgence have cast a shadow over future factory output.

Construction steel rebar on the Shanghai Futures Exchange SRBcv1 rose 1.2%, while hot-rolled coil SHHCcv1 climbed 0.5%. Stainless steel fell 1.1%.

Dalian coking coal gained 1.7% and coke was up 1.9%.

But while more signs of an economic rebound for China emerged, caution is likely to prevail as concerns also remain about a crisis engulfing the country’s property developers, despite the reported Chinese rescue fund of up to 300 billion yuan.

“The market is unlikely to be overly excited about a quick resolution” of the property crisis in China, J.P.Morgan analysts said in a note.

Even if confirmed, they said the fund is unlikely to be a game changer to quickly end the housing market weakness.

“The process could take years, or even decades, and the eventual fund support from central and local governments could be much larger than the size being proposed at this moment,” the analysts said.
Source: Reuters

Related Posts


Finance & Economy
Shipping News

Trafigura publishes 2023 interim results showing a strong performance

Trafigura, a market leader in the global commodities industry, released its 2023 Interim Report today for the six-month period ended 31 March 2023. The results...

Globus Q1 results hit by weak dry bulk market

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2023. Revenue $8.6 million...

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

Celestyal Participates In Promotion Of The Tourist Destination Of Central Macedonia

Celestyal, the award-winning, number one choice for travellers to the Greek Islands and the...

Capesize, panamax gains drive Baltic index higher

The Baltic Exchange’s main sea freight index rose for a fourth straight session on...

Baltic rises to over 3-month peak on firm demand for larger vessels

The Baltic Exchange’s main sea freight index rose on Wednesday to scale its highest...

Baltic index logs best day in nearly 3 months

The Baltic Exchange’s main sea freight index posted its biggest single-day gain since mid-March...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Iraklio port tender set for another delay

The opening of the binding financial offers for 67% of Iraklio Port Authority had been scheduled for Thursday, but this is no longer expected...

APM Terminals extends concession of Kalundborg container terminal

APM Terminals has reached an agreement with the Port of Kalundborg to extend the concession of Kalundborg container terminal by 10 years to 2033. In...

US West Coast port workers shut terminals in showdown over pay

The employers of more than 22,000 dock workers at U.S. West Coast seaports on Friday said the union representing those laborers “is staging concerted...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...