Thursday, November 30, 2023
HomeHeadlinesIron ore rebounds ahead of Chinese loan data

Subscribe

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

Iron ore rebounds ahead of Chinese loan data

Iron ore futures rose on Thursday, with the Dalian benchmark hitting a one-week high after two days of declines, as sentiment turned upbeat ahead of the release of Chinese lending data, a key indicator of support for economic growth.

The most-traded iron ore, for May delivery, on China’s Dalian Commodity Exchange ended morning trade 2.4% higher at 861.50 yuan ($126.92) a tonne, after trading at 865.50 yuan earlier in the session, its highest since Feb. 2.

On the Singapore Exchange, the steelmaking ingredient’s benchmark March contract was up 1.2% at $122.80 a tonne. It hit a three-week low of $118 in the previous session.

Yuan loans extended by Chinese banks likely surged to a record high in January as the central bank moved to shore up growth in the world’s second-biggest economy following a lifting of pandemic controls, a Reuters poll showed.

Iron ore, which has been propped up by top steel producer China’s policy support for its ailing property sector and dismantling of COVID-19 restrictions, was subdued in recent days as traders re-assessed demand prospects.

The January new loan data are expected to be released between Feb. 9 and Feb. 15.

“Chinese banks usually book loans at the beginning of the year. Any amount over CNY 4.37 trillion will suggest strong loan demand from corporates that expect a strong recovery in the economy,” ING economists said in a note.

Other Dalian steelmaking inputs were also firmer, with coking coal up 1.3% and coke rising 1.7%.

Coking coal advanced despite news that at least two vessels carrying Australian coal have arrived in China, with several more on the way, after an unofficial ban on imports lifted.

Steel benchmarks also rose, with rebar on the Shanghai Futures Exchange up 1.5%, hot-rolled coil climbing 1.8%, and wire rod adding 0.6%. Stainless steel SHSScv1 slipped 0.3%.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Euronav: Dividend Distribution For Q3 2023 & Business Update

Euronav NV provides a business and dividend update following the recent board and management changes. The Supervisory board has agreed to distribute USD 0.57 per...

A new chapter for Euronav

Euronav shareholders have approved strategic changes at the company ushering in a new era.

TEN Reports Earnings Results for Q3 & 9M2023

Tsakos Energy Navigation Limited reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported...

StealthGas posts near-record quarterly profit

STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial...

Golar LNG Reports Third Quarter Net Income of $114 Million

Golar LNG announced its interim results for the period ended September 30, 2023. Highlights include: Golar LNG Limited (“Golar” or “the Company”) reports Q3 2023 Net...

Baltic index extends rally on higher capesize rates

The Baltic Exchange’s dry bulk sea freight index rose on Tuesday for the fourth...

CLIA presents cruise industry’s Action Plan for Greeceto the Greek Government

Representatives of Cruise Lines International Association (CLIA), members of the Government, and key stakeholders...

Baltic index scales 1 and 1/2-year peak

The Baltic Exchange’s dry bulk sea freight index rose on Monday for the third...

Greek merchant fleet up in numbers, down in volume

The Greek merchant shipping fleet rose in numbers but fell in volume in September. More...

Celestyal unveils 3 new countries and 6 new ports for 2024 & 2025

Celestyal the award-winning, number one choice for cruise travelers to the Greek islands and...

Port Houston Breaks Export Record

October was the biggest month ever for loaded exports at Port Houston, up 6% compared to last October. Port Houston’s loaded exports are up...

Port of Piraeus working on first shore power connection slots for 2024

The Piraeus Port Authority (PPA), which manages the largest and busiest port in Greece, announced the first five shore power connection slots for ferry...

Two major US cruise operators interested in buying Lavrio port

The tender for the concession of Lavrio port is set to begin in the next few weeks. Sources tell Kathimerini there are at least two...

Biden Administration Invests Over $650 mln in US Ports to Strengthen Supply Chains

The U.S. Department of Transportation’s Maritime Administration (MARAD) announced over $653 million to fund 41 port improvement projects across the nation under the Port...

APM Terminals & DP World spearhead roadmap for accelerating electrification of port operations in bid for net-zero

APM Terminals and DP World announced an initiative to accelerate decarbonisation of the world’s terminals through the widespread electrification of container handling equipment (CHE)....