Iron ore prices in China increase

The May iron ore contract on China's Dalian Commodity Exchange ended up more than 1.4% to 719 yuan ($112.78) a tonne, rising for a fourth straight session and hitting a level 725.50 yuan earlier in the day, the highest level since October 27.

On the Singapore Exchange, February iron ore futures rose 0.7 percent to $128.25 a tonne, its biggest gain since December 22.

Steel products prices also held firm at the highs, with construction rebar on the Shanghai Futures Exchange SRBcv1 up 1.2%, while hot rolled coil gained 1.6%, both steel grades up. fourth session in a row.

“Current rise in raw materials and limited production have boosted steel prices, but demand remains weak,” said Sinosteel Futures analysts.

China is expected to limit the operations of factories at its steelmaking hubs to ensure clean air during the 2022 Beijing Olympics next month.

The price of iron ore for delivery in China today, with 62% iron content, rose to $127.50 a tonne on Thursday, its highest level since Dec. 21, according to consulting firm SteelHome.

Coking coal prices on the Dalian Commodity Exchange fell 3.2% after six sessions of gains, while coking coal fell 0.8% after three days of gains.

Stainless steel prices in Shanghai fell 0.7% and fell 2% for the week, after three consecutive weeks of gains, as supply improved while demand fell in China.

Vinanet