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| Commodity News |
| HeadLine : |
Iron ore nears two-week high on stimulus bets, post-holiday restocking |
| Date : |
Apr 9 2024 |
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Iron ore futures prices climbed on Monday to their highest in nearly two weeks, buoyed by hopes of potential measures to bolster the feeble steel industry in top consumer China and expectations of a wave of post-holiday restocking from the country’s steelmakers.The Singapore benchmark had dropped by 1% during April 4-5 trade when Chinese markets were closed for a public holiday after Beijing said last Wednesday that it would continue to manage crude steel output in 2024.Average daily hot metal output among Chinese steelmakers surveyed climbed by 1% from the previous session to about 2.24 million tons, as of April 3, the highest since late-February, data from consultancy Mysteel showed.Property woes in China, the world’s second-largest economy, still loomed over the ferrous market.
Source: Reuters
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