AGL 8.30 Decreased By ▼ -0.03 (-0.36%)
ANL 10.95 Increased By ▲ 0.25 (2.34%)
AVN 79.70 Increased By ▲ 1.51 (1.93%)
BOP 5.75 Increased By ▲ 0.18 (3.23%)
CNERGY 5.64 Increased By ▲ 0.26 (4.83%)
EFERT 79.36 Increased By ▲ 0.71 (0.9%)
EPCL 67.48 Decreased By ▼ -0.31 (-0.46%)
FCCL 14.89 Increased By ▲ 0.39 (2.69%)
FFL 6.70 Increased By ▲ 0.10 (1.52%)
FLYNG 7.16 Increased By ▲ 0.13 (1.85%)
GGGL 11.60 Increased By ▲ 0.26 (2.29%)
GGL 17.51 Increased By ▲ 0.27 (1.57%)
GTECH 8.35 Increased By ▲ 0.05 (0.6%)
HUMNL 7.17 Increased By ▲ 0.11 (1.56%)
KEL 3.14 Increased By ▲ 0.06 (1.95%)
LOTCHEM 35.20 Increased By ▲ 2.33 (7.09%)
MLCF 28.35 Increased By ▲ 0.05 (0.18%)
OGDC 87.70 Increased By ▲ 3.15 (3.73%)
PAEL 16.63 Increased By ▲ 0.18 (1.09%)
PIBTL 6.05 Increased By ▲ 0.20 (3.42%)
PRL 19.46 Increased By ▲ 1.34 (7.4%)
SILK 1.14 No Change ▼ 0.00 (0%)
TELE 11.41 Increased By ▲ 0.31 (2.79%)
TPL 9.20 Increased By ▲ 0.20 (2.22%)
TPLP 20.25 Increased By ▲ 0.37 (1.86%)
TREET 27.10 Increased By ▲ 0.48 (1.8%)
TRG 96.20 Increased By ▲ 1.70 (1.8%)
UNITY 20.85 Increased By ▲ 0.48 (2.36%)
WAVES 13.90 Increased By ▲ 0.27 (1.98%)
WTL 1.34 Increased By ▲ 0.03 (2.29%)
BR100 4,275 Increased By 67 (1.59%)
BR30 15,794 Increased By 348.3 (2.26%)
KSE100 42,872 Increased By 628.4 (1.49%)
KSE30 16,219 Increased By 247.6 (1.55%)

BEIJING: Chinese iron ore futures logged on Thursday their fifth session of gains to scale over six-week highs, as steel mills replenish inventories ahead of holidays and ramp up production with the virus-hit economy recovering gradually.

“Global (iron ore) shipments are relatively stable and the demand-side is improving,” analysts with Galaxy Futures said. Galaxy Futures noted that steelmakers would suffer bigger losses if production gets suspended, hence, they are still churning out products and restocking iron ore inventories ahead of the holidays.

Portside iron ore inventories in China fell to the lowest level in more than eight months in end-May, data from SteelHome consultancy showed. Benchmark iron ore futures on the Dalian Commodity Exchange, for September delivery, jumped as much as 2.2% to 921 yuan ($137.40) a tonne, the highest since April 19. Coking coal futures on the Dalian bourse inched 0.2% higher to 2,742 yuan a tonne and coke prices rose 1% to 3,582 yuan per tonne.

Steel prices on the Shanghai Futures Exchange were traded range-bound. “End-consumption is the core to affect recent steel prices,” SinoSteel Futures said in a note, adding that seasonal demand this year is worse in spring while rains and heat in summer could dent construction activities. But China’s decision to beef up measures to support its ailing economy and markets is expected to lift prices of industrial metals.

Construction-used rebar for October delivery stood at 4,694 yuan a tonne, flat from the previous session. Hot-rolled coils, used in cars and home appliances, edged up 0.1% to 4,803 yuan per tonne, and Shanghai stainless steel increased 0.6% to 18,425 yuan a tonne. China’s markets will be closed on June 3 for the Dragon Boat Festival.

Comments

Comments are closed.