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The most-traded iron ore, for September delivery, on China's Dalian Commodity Exchange DCIOcv1 ended daytime trading 4.4% higher at 863.50 yuan ($128.24) a tonne.
The benchmark contract is set to post its biggest weekly gain in two months, despite losses over the past three days.
On the Singapore Exchange SZZFM2, the most active steel-making raw materials contract in June rose 2.7% at $133/ton, at 2:05 p.m. Vietnam time.
The mood swings came after Chinese Premier Li Keqiang acknowledged this week of weak economic growth, pointing out that difficulties in some respects are worse than in 2020, when the economy affected by the COVID-19 outbreak for the first time.
But Mr. Li added that China will try to achieve a reasonable economic growth in the second quarter and prevent unemployment from rising.
Beijing announced a package of policy steps earlier this week, including reducing tax credits more broadly and deferring social security payments and loan repayments to support the economy.
“Iron ore prices edged higher as investors continue to look at stimulus measures to support demand,” said Daniel Hynes, senior commodity strategist at ANZ.
“However, any plans to increase infrastructure spending will not boost demand until steel production starts to recover.”
Dalian's other steel inputs also rebounded, with DJMcv1 coke up 4.4% after a four-day sell-off, while DCJcv1 coke gained 4% after a three-day slide.
Construction rebar on the Shanghai Futures Exchange SRBcv1 increased 2.3%, while hot rolled coil SHHCcv1 increased 1.8%. SHSScv1 stainless steel increased by 0.5%.
China's 62% standard iron ore price was steady at $130 a ton for the past three days, and rose on Friday, recovering from a one-week low reached in the previous session, as China took measures additional stimulus to achieve growth goals.
The most-traded iron ore, for September delivery, on China's Dalian Commodity Exchange DCIOcv1 ended daytime trading 4.4% higher at 863.50 yuan ($128.24) a tonne.
The benchmark contract is set to post its biggest weekly gain in two months, despite its losses over the past three days.
On the Singapore Exchange SZZFM2, the most active steel-making materials contract in June was up 2.7% at $133 a tonne.
The mood swings came after Chinese Premier Li Keqiang acknowledged this week of weak economic growth, pointing out that difficulties in some respects are worse than in 2020, when the economy affected by the COVID-19 outbreak for the first time.
But Mr. Li added that China will try to achieve a reasonable economic growth in the second quarter and prevent unemployment from rising.
Beijing announced a package of policy steps earlier this week, including reducing tax credits more broadly and deferring social security payments and loan repayments to support the economy.
“Iron ore prices edged higher as investors continue to look at stimulus measures to support demand,” said Daniel Hynes, senior commodity strategist at ANZ.
“However, any plans to increase infrastructure spending will not boost demand until steel production starts to recover.”
Dalian's other steel inputs also rebounded, with DJMcv1 coke up 4.4% after a four-day sell-off, while DCJcv1 coke gained 4% after a three-day slide.
Construction rebar on the Shanghai Futures Exchange SRBcv1 increased 2.3%, while hot rolled coil SHHCcv1 increased 1.8%. SHSScv1 stainless steel increased by 0.5%.
SteelHome consulting data shows that the spot price of 62% grade-grade iron ore in China has stabilized at $130/mt over the past three days, up from $128.50/mt last week.
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