Sunday, May 28, 2023
HomeHeadlinesStimulus hopes drive rally in China ferrous futures, iron ore leads


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

Stimulus hopes drive rally in China ferrous futures, iron ore leads

Chinese ferrous futures rose for a second straight session on Thursday, with benchmark Dalian iron ore advancing by more than 5% on renewed hopes for additional stimulus to help the world’s second-biggest economy offset the impact of a COVID-19 resurgence.

Mainland China’s new local symptomatic cases declined for a second consecutive day, adding to the positive sentiment following Wednesday’s remarks by Chinese Vice Premiere Liu He indicating plans to take measures to boost the domestic economy.

Concernsover the impact of the Russia-Ukraine conflict on trade between top steel producer China and the European Union also eased on hopes for a potential breakthrough in compromise talks between Moscow and Kyiv.

The most-traded iron ore, for May delivery, on China’s Dalian Commodity Exchange ended daytime trade 4.7% higher at 810 yuan ($127.61) a tonne, after rising as much as 5.9% during the session.
On the Singapore Exchange SZZFJ2, the most-active April iron ore contract was down 1.1% at $147.65 a tonne by 0740 GMT, surrendering earlier gains.

“China signalled support for financial markets and growth, while Russia suggested a neutral, but still armed, Ukraine could be a compromise,” said Taylor Nugent, economist at National Australia Bank, as stocks and metals markets rallied.

Construction steel rebar on the Shanghai Futures Exchange rose 1.7%, while hot-rolled coil SHHCcv1 climbed 1.3%. But stainless steel fell 1.5% as a price rally in raw material nickel cooled SNIcv1.

“There may be concerns that the consumption (of stainless steel in China) in the future may be dragged down by the epidemic,” analysts at Huatai Futures said in a note, adding that domestic supply was also showing an uptrend.

Dalian coking coal DJMcv1 gained 1.4% and coke jumped 2.1%.

Spot iron ore for delivery to China rose for the first time in a week on Wednesday, trading at $146.50 a tonne, according to SteelHome consultancy.

Source: Reuters

Related Posts


Finance & Economy
Shipping News

Seanergy ‘well positioned to benefit from positive trend in Capesize market’

Seanergy Maritime Holdings Corp., announced its financial results for the first quarter ended March 31, 2023, and declared a quarterly dividend of $0.025 per...

Dorian LPG sees Q1 revenue more than double year-on-year

Dorian LPG reported its financial results for the three months and fiscal year ended March 31, 2023. Highlights for the Fourth Quarter Ended March 31, 2023 Revenues of $133.6 million.Time...

Navios Holdings Posts $14.5 Mln Net Income in Q1

Navios Maritime Holdings Inc., reported its financial results for the first quarter ended March 31, 2023. Navios Holdings owns (i) a controlling equity stake...

BW LPG posts ‘strongest quarterly performance on record’

BW LPG has recorded its ‘strongest quarterly performance on record’ in the first three months of 2023. The company was boosted by strong exports...

ONE, Wan Hai agree to pay civil penalties to FMC

Ocean Network Express (ONE) will pay a US$1.7 million civil penalty to avoid a formal investigation by the US Federal Maritime Commission (FMC) for...

Nikolaus H. Schües elected BIMCO President

BIMCO has elected Nikolaus H. Schües , CEO and owner of Reederei F. Laeisz,...

Baltic Dry Bulk Index Ends Worst Day In Over Three Months

The Baltic Exchange’s main sea freight index declined the most since mid-February on Thursday...

Maritime UK appoints new Chief Executive Officer

Maritime UK, the umbrella organisation for the UK’s maritime sector, has appointed Chris Shirling-Rooke...

Baltic dry bulk index extends slide for 10th straight session

The Baltic Exchange’s main sea freight index of shipping rates for dry bulk commodities...

Baltic index hits over two-month trough on lower rates across vessels

The Baltic Exchange’s main sea freight index slumped to its lowest level in over...

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...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...

APM Terminals Reveals $1 Billion Investment in Brazil

APM Terminals’ CEO Keith Svendsen has pledged an investment of about US$1 billion in the company's Brazilian operations up to 2026. The amount includes around...