AIRLINK 86.21 Decreased By ▼ -0.99 (-1.14%)
BOP 4.97 Decreased By ▼ -0.05 (-1%)
CNERGY 4.08 Decreased By ▼ -0.01 (-0.24%)
DFML 37.22 Decreased By ▼ -0.68 (-1.79%)
DGKC 91.20 Decreased By ▼ -2.68 (-2.85%)
FCCL 22.99 Decreased By ▼ -0.78 (-3.28%)
FFBL 33.74 Increased By ▲ 1.07 (3.28%)
FFL 9.19 Decreased By ▼ -0.06 (-0.65%)
GGL 10.05 Increased By ▲ 0.02 (0.2%)
HASCOL 6.25 Decreased By ▼ -0.29 (-4.43%)
HBL 126.25 Increased By ▲ 4.33 (3.55%)
HUBC 158.29 Increased By ▲ 12.64 (8.68%)
HUMNL 11.08 Increased By ▲ 0.58 (5.52%)
KEL 4.64 Decreased By ▼ -0.10 (-2.11%)
KOSM 4.09 Decreased By ▼ -0.10 (-2.39%)
MLCF 38.25 Decreased By ▼ -0.55 (-1.42%)
OGDC 133.40 Decreased By ▼ -1.61 (-1.19%)
PAEL 25.40 Increased By ▲ 0.32 (1.28%)
PIBTL 6.22 Decreased By ▼ -0.05 (-0.8%)
PPL 119.25 Decreased By ▼ -0.43 (-0.36%)
PRL 24.58 Increased By ▲ 0.48 (1.99%)
PTC 12.28 Increased By ▲ 0.06 (0.49%)
SEARL 59.32 Decreased By ▼ -0.48 (-0.8%)
SNGP 65.60 Increased By ▲ 0.60 (0.92%)
SSGC 9.87 Decreased By ▼ -0.18 (-1.79%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.49 Decreased By ▼ -0.25 (-2.57%)
TRG 63.80 Decreased By ▼ -0.50 (-0.78%)
UNITY 27.26 Increased By ▲ 0.21 (0.78%)
WTL 1.28 Decreased By ▼ -0.04 (-3.03%)
BR100 8,341 Increased By 31.1 (0.37%)
BR30 26,457 Increased By 506.8 (1.95%)
KSE100 78,810 Increased By 9 (0.01%)
KSE30 25,474 Increased By 35.6 (0.14%)

Iron ore prices in China hit a three-week high on Monday, supported by optimism about improving demand after top consumer China announced support to the property market.

The most-traded May iron ore on China’s Dalian Commodity Exchange climbed 1.2% to 1,000 yuan ($139.22) per metric ton, as of 0540 GMT. Earlier in the session, it hit 1,006 yuan, the highest since Jan. 8.

On the Singapore Exchange, the most active March iron ore advanced 1.1% to $135.35 a ton.

China last week said it was widening the uses for commercial property lending by banks in its latest effort to ease a liquidity crunch facing troubled real estate firms.

The property sector accounts for a large portion of consumption of steel and steel-making commodities.

China also announced a deep cut in the amount of cash banks hold as reserves to increase liquidity in the economy and boost growth.

Dalian iron ore futures rise

“Iron ore futures rallied after Chinese regulators offered more financial support for struggling property developers,” said ANZ analysts in a note.

Meanwhile, iron ore consumption also benefited from the improving profits at steel mills, said broker Huatai Futures in a note.

Steel inventories at major Chinese steel mills rose for a second consecutive week to 15.4 million tons in mid-January, up 6.7% compared to early January, according to data from the China Iron and Steel Association.

The most-active May rebar contract was nearly flat at 3,970 yuan a ton, hot-rolled coil eased 0.2% to 4,092 yuan, wire rod rose 0.2% to 4,167 yuan, and stainless steel dropped 1% to 14,135 yuan.

Other steelmaking ingredients Dalian coking coal shed 1.1% to 1,784 yuan a ton, and coke shed 1.2% to 2,449.50 yuan.

Comments

200 characters