MANILA: China’s iron ore and steel prices rose on Tuesday, as the government’s latest rate cut boosted sentiment while demand prospect also looked set to improve ahead of peak season for construction steel.
The most traded January iron ore on the Dalian Commodity Exchange rose 2.8% to 707 yuan ($103.20) a tonne at the midday break, and Shanghai Futures Exchange’s most-active rebar contract advanced 1.6% to 4,051 yuan a tonne.
On the Singapore Exchange, the most-traded September contract rose 1.9% to $103.65 a tonne at 0327 GMT. “Usually September and October are the peak construction months. (There is a) rush to complete projects before the winter comes and it gets too cold.