AIRLINK 74.29 Increased By ▲ 0.29 (0.39%)
BOP 4.95 Decreased By ▼ -0.07 (-1.39%)
CNERGY 4.37 Decreased By ▼ -0.05 (-1.13%)
DFML 38.80 Decreased By ▼ -0.40 (-1.02%)
DGKC 84.82 Decreased By ▼ -1.27 (-1.48%)
FCCL 21.21 Decreased By ▼ -0.44 (-2.03%)
FFBL 34.12 Increased By ▲ 0.11 (0.32%)
FFL 9.70 Decreased By ▼ -0.22 (-2.22%)
GGL 10.42 Decreased By ▼ -0.14 (-1.33%)
HBL 113.00 Decreased By ▼ -0.89 (-0.78%)
HUBC 136.20 Increased By ▲ 0.36 (0.27%)
HUMNL 11.90 No Change ▼ 0.00 (0%)
KEL 4.71 Decreased By ▼ -0.13 (-2.69%)
KOSM 4.44 Decreased By ▼ -0.09 (-1.99%)
MLCF 37.65 Decreased By ▼ -0.62 (-1.62%)
OGDC 136.20 Increased By ▲ 1.35 (1%)
PAEL 25.10 Decreased By ▼ -1.25 (-4.74%)
PIAA 19.24 Decreased By ▼ -1.56 (-7.5%)
PIBTL 6.71 Increased By ▲ 0.03 (0.45%)
PPL 122.10 Decreased By ▼ -0.90 (-0.73%)
PRL 26.65 Decreased By ▼ -0.04 (-0.15%)
PTC 13.93 Decreased By ▼ -0.40 (-2.79%)
SEARL 57.22 Decreased By ▼ -1.90 (-3.21%)
SNGP 67.60 Decreased By ▼ -1.90 (-2.73%)
SSGC 10.25 Decreased By ▼ -0.08 (-0.77%)
TELE 8.40 Decreased By ▼ -0.10 (-1.18%)
TPLP 11.13 Decreased By ▼ -0.10 (-0.89%)
TRG 62.81 Decreased By ▼ -2.04 (-3.15%)
UNITY 26.50 Increased By ▲ 0.25 (0.95%)
WTL 1.35 Increased By ▲ 0.01 (0.75%)
BR100 7,810 Decreased By -40.3 (-0.51%)
BR30 25,150 Decreased By -186.4 (-0.74%)
KSE100 74,957 Decreased By -250.1 (-0.33%)
KSE30 24,083 Decreased By -59.5 (-0.25%)

BEIJING: Iron ore futures prices rose for a second consecutive session on Friday, underpinned by renewed hopes for further stimulus from top consumer China and a flurry of pre-holiday replenishment by steelmakers.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 2.63% higher at 957 yuan ($133.04) a metric ton, the highest since Jan. 12. It posted a weekly rise of 1.3%.

The benchmark February iron ore contract on the Singapore Exchange ticked up 0.55% by 0722 GMT to hit its highest level since Jan. 16 at $130.15 a ton, recording a weekly gain of 2.1%.

“Ore market has recently been impacted more by the movement in sentiment on macro economy without drastic changes seen from its own fundamentals,” analysts at Everbright Futures said in a note.

Market sentiment was also lifted by China’s stock market rebound on Thursday from nearly five-year lows amid signs of state support.

Some steel mills are expected to stockpile feedstocks to sustain production during the Lunar New Year holiday break in February, supporting prices of the key steelmaking ingredient.

“The ferrous market found support from improved sentiment in the financial market; also lending support, some mills gradually resumed operations (of furnaces under maintenance earlier),” analysts at Sinosteel Futures said in a note.

Average daily hot metal output among mills surveyed edged higher by 0.51% week-on-week to about 2.22 million tons in the week ended Jan. 19, data from consultancy Mysteel showed. Other steelmaking ingredients on the DCE gained, with coking coal and coke up 1.67% and 1.2%, respectively. Steel benchmarks on the Shanghai Futures Exchange advanced as well.

Comments

Comments are closed.