AGL 6.45 Decreased By ▼ -0.05 (-0.77%)
ANL 9.50 Decreased By ▼ -0.20 (-2.06%)
AVN 74.95 Decreased By ▼ -0.88 (-1.16%)
BOP 5.35 Increased By ▲ 0.03 (0.56%)
CNERGY 4.80 Decreased By ▼ -0.05 (-1.03%)
EFERT 78.00 Increased By ▲ 0.51 (0.66%)
EPCL 54.15 Decreased By ▼ -1.06 (-1.92%)
FCCL 15.00 Decreased By ▼ -0.25 (-1.64%)
FFL 6.20 Decreased By ▼ -0.10 (-1.59%)
FLYNG 7.01 Increased By ▲ 0.16 (2.34%)
GGGL 10.05 Decreased By ▼ -0.12 (-1.18%)
GGL 15.94 Decreased By ▼ -0.37 (-2.27%)
GTECH 7.85 Increased By ▲ 0.41 (5.51%)
HUMNL 6.27 Decreased By ▼ -0.06 (-0.95%)
KEL 2.83 Decreased By ▼ -0.14 (-4.71%)
LOTCHEM 27.65 Decreased By ▼ -0.65 (-2.3%)
MLCF 27.00 Decreased By ▼ -0.56 (-2.03%)
OGDC 73.35 Decreased By ▼ -0.65 (-0.88%)
PAEL 15.30 Decreased By ▼ -0.29 (-1.86%)
PIBTL 5.15 Decreased By ▼ -0.10 (-1.9%)
PRL 16.10 Decreased By ▼ -0.48 (-2.9%)
SILK 1.04 Decreased By ▼ -0.02 (-1.89%)
TELE 10.45 Decreased By ▼ -0.20 (-1.88%)
TPL 7.69 Decreased By ▼ -0.19 (-2.41%)
TPLP 19.22 Decreased By ▼ -0.48 (-2.44%)
TREET 22.75 Decreased By ▼ -0.25 (-1.09%)
TRG 115.90 Decreased By ▼ -4.20 (-3.5%)
UNITY 21.80 Decreased By ▼ -0.34 (-1.54%)
WAVES 11.15 Decreased By ▼ -0.05 (-0.45%)
WTL 1.12 Decreased By ▼ -0.03 (-2.61%)
BR100 4,039 Decreased By -56.1 (-1.37%)
BR30 14,984 Decreased By -242.5 (-1.59%)
KSE100 40,620 Decreased By -307.7 (-0.75%)
KSE30 15,213 Decreased By -142.6 (-0.93%)
Follow us

MANILA: Dalian and Singapore iron ore futures advanced on Thursday, as restocking demand underpinned spot prices in top steel producer China, although doubts about the sustainability of a recovery in demand capped gains.

The most-traded iron ore, for delivery in January next year, on China’s Dalian Commodity Exchange ended morning trade 1.8% higher at 737.50 yuan ($109.44) a tonne, up for a second straight session. On the Singapore Exchange, the front-month September contract rose 2.2% to $112.30 a tonne.

Benchmark 62%-grade iron ore’s spot price for the China-bound material settled at $111 a tonne on Wednesday, up 11% from the year’s low at $100 last touched on July 21, according to data from consultancy and industry news provider SteelHome.

“The production of molten iron broke the downward trend, (rising) for six consecutive weeks,” analysts at Sinosteel Futures said in a note. Steel mills have restarted some of their idled blast furnaces in recent days, encouraged by improved margins and a pickup in demand from the construction sector.

But the medium-term demand outlook for steel products and ingredients remains clouded by several issues, such as mandatory steel output cuts in China aimed at curbing emissions, a financial crisis engulfing Chinese property developers and COVID-19 lockdowns.

“It is still doubtful whether the (downstream) demand for finished products can sustain production resumption,” Sinosteel analysts said. Construction steel rebar on the Shanghai Futures Exchange slipped 0.1%, while hot-rolled coil gained 0.1%. Stainless steel rose 0.9%. Other steel inputs traded lower, with Dalian coking coal down 0.9% and coke dropping 1.4%.

Dalian coke had climbed to a near five-week high on Tuesday, also propped up by increased downstream demand. Analysts said rebounding prices of raw materials could restrain Chinese steelmakers from ramping up output.

Comments

Comments are closed.