Iron ore futures rebounded on the Dalian and Singapore exchanges on Wednesday, after data showed China’s exports grew at a faster-than-expected pace in June, reigniting hopes of an recovery in demand for steelmaking raw material.
The most-traded iron ore contract for September delivery on the Dalian Commodity Exchange ended trading up 1.5% at 732 yuan a tonne after falling 3.9% earlier to the weakest level. since the 28th of February.
On the Singapore Exchange, the next month ore contract rose 3.9% to $109.10 a tonne after hitting its lowest this year on Tuesday at $104.10 a tonne. .
In June, Chinese ore exports grew at the fastest pace in five months, reinforcing evidence that the world’s biggest steel producer and iron ore consumer is slowly recovering from the damage of the pandemic restrictions.
China imported 88.97 million tonnes of iron ore last month, down a modest 0.5% from 89.42 million tonnes in June 2021, amid weak demand from local steelmakers.
Also helping to calm nerves, officials at China’s central bank said the country would step up support for measures for the domestic economy and ensure a favorable environment for recovery.
But lingering concerns over weak steel demand in China have led to declines in steel futures and other steelmaking raw materials.
Construction steel rebar on the Shanghai Futures Exchange fell 2.1%, while hot-rolled coil fell 2.3%. Stainless steel rose 1%.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
