AIRLINK 75.30 Increased By ▲ 0.05 (0.07%)
BOP 5.11 No Change ▼ 0.00 (0%)
CNERGY 4.52 Decreased By ▼ -0.08 (-1.74%)
DFML 34.50 Increased By ▲ 1.97 (6.06%)
DGKC 90.70 Increased By ▲ 0.35 (0.39%)
FCCL 22.96 Decreased By ▼ -0.02 (-0.09%)
FFBL 33.16 Decreased By ▼ -0.41 (-1.22%)
FFL 9.96 Decreased By ▼ -0.08 (-0.8%)
GGL 11.23 Increased By ▲ 0.18 (1.63%)
HBL 114.99 Increased By ▲ 0.09 (0.08%)
HUBC 136.45 Decreased By ▼ -0.89 (-0.65%)
HUMNL 10.20 Increased By ▲ 0.67 (7.03%)
KEL 4.61 Decreased By ▼ -0.05 (-1.07%)
KOSM 4.73 Increased By ▲ 0.03 (0.64%)
MLCF 40.60 Increased By ▲ 0.06 (0.15%)
OGDC 140.25 Increased By ▲ 0.50 (0.36%)
PAEL 27.63 Decreased By ▼ -0.02 (-0.07%)
PIAA 25.10 Increased By ▲ 0.70 (2.87%)
PIBTL 6.85 Decreased By ▼ -0.07 (-1.01%)
PPL 124.05 Decreased By ▼ -1.25 (-1%)
PRL 27.48 Decreased By ▼ -0.07 (-0.25%)
PTC 14.11 Decreased By ▼ -0.04 (-0.28%)
SEARL 62.25 Increased By ▲ 0.40 (0.65%)
SNGP 72.65 Decreased By ▼ -0.33 (-0.45%)
SSGC 10.50 Decreased By ▼ -0.09 (-0.85%)
TELE 8.79 Increased By ▲ 0.01 (0.11%)
TPLP 11.53 Decreased By ▼ -0.20 (-1.71%)
TRG 66.54 Decreased By ▼ -0.06 (-0.09%)
UNITY 25.79 Increased By ▲ 0.64 (2.54%)
WTL 1.40 Decreased By ▼ -0.04 (-2.78%)
BR100 7,806 Increased By 3.3 (0.04%)
BR30 25,719 Decreased By -97.1 (-0.38%)
KSE100 74,535 Increased By 3.5 (0%)
KSE30 23,994 Increased By 39.5 (0.16%)

SINGAPORE: Iron ore futures rose on Wednesday as traders welcomed China’s decision to roll out further stimulus, although lingering concerns about steel demand capped gains.

The most-traded September iron ore on China’s Dalian Commodity Exchange was poised for a three-day rally, up nearly 2% at 867.5 yuan ($121.21) per metric ton, as of 0218 GMT. On the Singapore Exchange, the benchmark September iron ore inched up 0.7% at $113.1 a metric ton.

China’s top leaders pledged on Monday to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand. “The Politburo meeting contained the strongest indication to date of meaningful policy stimulus in the works aimed at boosting economic activity in China,” National Australia Bank said in a note on Wednesday, adding that it reflects the expected uptick in demand from the China stimulus.

Investors piled into Chinese property developers’ shares and bonds on Tuesday following a sharp sell-off in the previous session, after policymakers said they would step up support for the embattled sector. Fresh data, however, reignited concerns over steel demand.

Global crude steel production fell 1.1% year-on-year to 943.9 million metric tons in the first half of 2023 due to lower output in Europe and the Americas, data from the World Steel Association showed on Tuesday. Output in China, the world’s top producer and consumer of the metal, rose 1.3% to 535.6 metric tons in January-June, according to the data.

Comments

Comments are closed.