ANL 12.50 Decreased By ▼ -0.12 (-0.95%)
ASC 14.79 Increased By ▲ 0.14 (0.96%)
ASL 15.28 Decreased By ▼ -0.32 (-2.05%)
AVN 106.20 Increased By ▲ 1.95 (1.87%)
BOP 8.40 Decreased By ▼ -0.02 (-0.24%)
CNERGY 6.18 Decreased By ▼ -0.29 (-4.48%)
FFL 9.07 Decreased By ▼ -0.10 (-1.09%)
FNEL 8.50 Decreased By ▼ -0.45 (-5.03%)
GGGL 13.09 Decreased By ▼ -0.31 (-2.31%)
GGL 20.20 Decreased By ▼ -0.68 (-3.26%)
GTECH 9.35 Decreased By ▼ -0.35 (-3.61%)
HUMNL 6.77 Increased By ▲ 0.17 (2.58%)
KEL 3.10 Decreased By ▼ -0.06 (-1.9%)
KOSM 4.11 Decreased By ▼ -0.23 (-5.3%)
MLCF 33.35 Decreased By ▼ -0.30 (-0.89%)
PACE 4.15 Decreased By ▼ -0.05 (-1.19%)
PIBTL 7.17 Decreased By ▼ -0.07 (-0.97%)
PRL 14.09 Decreased By ▼ -0.25 (-1.74%)
PTC 8.58 Decreased By ▼ -0.10 (-1.15%)
SILK 1.29 Decreased By ▼ -0.05 (-3.73%)
SNGP 33.50 Decreased By ▼ -0.30 (-0.89%)
TELE 17.48 Decreased By ▼ -0.40 (-2.24%)
TPL 12.75 Decreased By ▼ -0.75 (-5.56%)
TPLP 27.60 Decreased By ▼ -0.42 (-1.5%)
TREET 38.87 Decreased By ▼ -0.82 (-2.07%)
TRG 80.75 Decreased By ▼ -2.55 (-3.06%)
UNITY 27.32 Decreased By ▼ -0.53 (-1.9%)
WAVES 14.94 Decreased By ▼ -0.11 (-0.73%)
WTL 2.15 Decreased By ▼ -0.07 (-3.15%)
YOUW 7.90 Decreased By ▼ -0.19 (-2.35%)
BR100 4,585 Decreased By -11.3 (-0.25%)
BR30 17,412 Decreased By -369.7 (-2.08%)
KSE100 44,924 Decreased By -94.4 (-0.21%)
KSE30 17,727 Decreased By -21 (-0.12%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,105
824hr
Pakistan Cases
1,374,800
7,19524hr
Sindh
526,899
Punjab
464,431
Balochistan
33,941
Islamabad
118,292
KPK
185,340

BEIJING: China’s benchmark iron ore futures surged nearly 10% in early trade on Tuesday to hit their daily upper limit, as steelmakers are set to resume production after rigorous controls in the past few months following government orders.

“The supply-side of iron ore has not changed much recently, but more mills are planning to increase output next month,” a Beijing-based trader said.

Another Shandong-based iron ore trader said the market is trading on expectation of rising steel production in December.

China had successfully controlled its January-October crude steel production at lower levels than the same period in 2020 after a raft of strict curbs and sluggish downstream demand, leaving room for steel firms to raise output for the rest of the year on a monthly basis.

The most actively traded iron ore futures on the Dalian Commodity Exchange, for January delivery, soared as much as 9.9% in the morning session, the biggest percentage gain since Sept.30. They surged 9.1% to 594 yuan ($93.02) a tonne as of 0306 GMT. Spot prices of iron ore with 62% iron content for delivery to China rose $4 to $95.5 a tonne on Monday, according to SteelHome consultancy. Other steelmaking ingredients also increased. Dalian coking coal futures jumped 3.1% to 1,925 yuan a tonne and coke prices were up 1.4% to 2,894 yuan per tonne. Construction steel rebar on the Shanghai Futures Exchange leaped 1.6% to 4,390 yuan a tonne, extending gains into the third straight session. Hot rolled coils, used in the manufacturing sector, inched 0.5% higher to 4,470 yuan per tonne. Shanghai stainless steel futures rose 1.2% to 17,525 yuan a tonne.

Comments

Comments are closed.