MANILA: Dalian and Singapore iron ore futures rose on Wednesday, as China’s central bank chief expressed hopes for a soft landing in the country’s ailing property market, while touting a resilient domestic economy despite some challenges and downward pressure.
Yi Gang, governor of the People’s Bank of China, also told a conference in Hong Kong that the yuan will remain stable against a basket of currencies and that inflation remains subdued.
The most-traded January iron ore on China’s Dalian Commodity Exchange was 2.9% higher at 632.50 yuan ($87.01) a tonne by the midday break, extending gains from Tuesday, when the steelmaking ingredient staged a technical rebound after sell-offs in October.
On the Singapore Exchange, benchmark December iron ore climbed 2.8% to $80.30 a tonne. Iron ore’s advance also followed data showing major supplier Brazil’s iron ore exports in October down 13% from a year earlier.
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