AIRLINK 78.61 Increased By ▲ 5.08 (6.91%)
BOP 4.65 Decreased By ▼ -0.02 (-0.43%)
CNERGY 4.03 Increased By ▲ 0.02 (0.5%)
DFML 36.48 Increased By ▲ 0.39 (1.08%)
DGKC 88.25 Increased By ▲ 1.70 (1.96%)
FCCL 22.29 Increased By ▲ 0.31 (1.41%)
FFBL 30.15 Increased By ▲ 0.14 (0.47%)
FFL 9.18 No Change ▼ 0.00 (0%)
GGL 9.92 Increased By ▲ 0.06 (0.61%)
HASCOL 6.11 Decreased By ▼ -0.14 (-2.24%)
HBL 105.00 Decreased By ▼ -0.01 (-0.01%)
HUBC 137.50 Increased By ▲ 0.05 (0.04%)
HUMNL 10.65 Decreased By ▼ -0.10 (-0.93%)
KEL 4.64 Increased By ▲ 0.15 (3.34%)
KOSM 4.00 Increased By ▲ 0.01 (0.25%)
MLCF 37.13 Increased By ▲ 0.43 (1.17%)
OGDC 119.19 Decreased By ▼ -0.21 (-0.18%)
PAEL 23.98 Increased By ▲ 0.01 (0.04%)
PIBTL 6.07 Increased By ▲ 0.02 (0.33%)
PPL 114.05 Increased By ▲ 1.55 (1.38%)
PRL 23.17 Increased By ▲ 0.36 (1.58%)
PTC 12.20 Increased By ▲ 0.30 (2.52%)
SEARL 59.05 Increased By ▲ 0.65 (1.11%)
SNGP 61.98 Increased By ▲ 0.87 (1.42%)
SSGC 9.76 Increased By ▲ 0.11 (1.14%)
TELE 7.67 Increased By ▲ 0.12 (1.59%)
TPLP 9.48 Decreased By ▼ -0.06 (-0.63%)
TRG 63.72 Increased By ▲ 0.62 (0.98%)
UNITY 26.85 Increased By ▲ 0.05 (0.19%)
WTL 1.30 Increased By ▲ 0.01 (0.78%)
BR100 7,583 Increased By 39.5 (0.52%)
BR30 24,238 Increased By 202.6 (0.84%)
KSE100 72,797 Increased By 207.9 (0.29%)
KSE30 23,213 Increased By 76.4 (0.33%)

BEIJING: Iron ore futures climbed on Tuesday to their highest level in more than a week, as investor confidence was boosted after policymakers in top consumer China pledged to stabilise its market. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.42% higher at 965.5 yuan ($134.70) a metric ton, the highest level since Jan. 12.

The benchmark February iron ore on the Singapore Exchange was 2.01% higher at $131.55 a ton, as of 0724 GMT, also the highest since Jan. 12.

China will take more forceful and effective measures to support market confidence, state media CCTV reported on Monday, citing a cabinet meeting, following a plunge in Chinese shares. Meanwhile, China’s major state-owned banks took action on Monday to bolster the yuan and prevent it from falling too rapidly, Reuters reported.

This move came after Beijing kept benchmark lending rates unchanged at its monthly fixing on Monday, following last week’s decision to hold its medium-term lending facility rate steady, reflecting Beijing’s limited room for monetary easing amid pressure on the yuan. Beijing has set a growth target of around 5% for 2024, surpassing last year’s goal of above 4.5%, despite expectations of slower growth for the economy.

“Many steelmakers have already completed the wave of iron ore buying to meet production needs over the Lunar New Year holiday break, while a few small-scale steel mills may need to return to the portside market for sporadic purchase in coming weeks,” said Yu Chen, a Shanghai-based analyst at Mysteel. Other steelmaking ingredients on the DCE also advanced, with coking coal and coke up 0.3% and 0.73%, respectively.

Steel benchmarks on the Shanghai Futures Exchange ticked up amid higher raw material prices. Rebar added 0.34%, hot-rolled coil rose 0.42% and wire rod edged up 0.27%, while stainless steel jumped 1.52%.

Comments

Comments are closed.