AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)

SINGAPORE: Dalian iron ore futures rose on Wednesday, buoyed by positive economic data and persistently strong demand and as concerns over China’s supervision of the markets to ensure price stability began to fade.

The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) closed up 1.9% at 980 yuan ($136.92) per metric ton.

On the Singapore Exchange, the benchmark January iron ore was up 2% at $129.05 a metric ton by 0730 GMT.

State-backed DCE on Nov. 30 said it will enhance supervision of the iron ore market for safe and stable market operation.

This came after an announcement on Nov. 24 that China will reinforce oversight and curb a price rally.

However, the influence of market supervision is now waning despite its initial effectiveness at price control, with analysts noting a diminishing impact as market participants increasingly overlook its significance.

Iron ore rangebound as investors await clear direction

Meanwhile, confidence has been creeping back into the market amid efforts to boost China’s troubled property sector.

China’s iron ore imports have also been relatively robust so far in 2023.

Declines in Chinese exports likely slowed in November, a Reuters poll showed on Wednesday, amid mixed signs that factories in the world’s second-largest economy may be finding their footing after a bruising slump in demand.

Rio Tinto, on Wednesday brought forward the start of production at its Simandou iron ore project in Guinea to 2025 from 2026, which will add around 5% to global seaborne supply when it comes on line.

Steel benchmarks on the Shanghai Futures Exchange were mixed. The most-active rebar contract was up 1.1%, hot-rolled coil grew 1.3%, and wire rod increased by 1.5%.

Meanwhile, stainless steel decreased 0.2%. Other steelmaking ingredients Dalian coking coal and coke inched up 1.6% and 1.4%, respectively.

The market awaits a batch of Chinese import and export data due this Thursday for directions.

Comments

Comments are closed.