Iron ore escalates with the policy of loosening covid control

After the easing measures on Friday, a researcher with the Chinese Center for Disease Control and Prevention said that the possibility of further adjustment of quarantine measures would not be ruled out.

On Sunday, Reuters reported that the People's Bank of China and the Banking and Insurance Regulatory Commission of China outlined 16 steps to support property developers in a notice to financial institutions. main.

January iron ore on China's Dalian Commodity Exchange DCIOcv1 ended daytime trading 1.9% higher at 710.5 yuan ($100.85) a tonne, after previously hitting its highest level since October 11 at 735.5 yuan.

On the Singapore Exchange, the December benchmark contract of the steelmaking material SZZFZ2 rose as much as 5.2% to $96 a tonne, the highest level since September 28.

(Source : https://binhkhanhsteel.com/en/bang-gia)

“These moves will clearly provide some support for the Chinese economy, although the number of cases must be taken into account,” said Robert Carnell, head of research at ING Asia-Pacific. COVID is on the rise across the country.”

Market moves remained largely driven by sentiment, with weak fundamentals ignored, including rising iron ore inventories.

China's iron ore port stocks rose steadily in four weeks to reach 136 million tonnes on Friday, SteelHome consultancy data showed, as poor profits forced steel mills to limit output.

Atilla Widnell, CEO of Navigate Commodities said: “Negative data, fundamentals and news flow appear to be heavily bearish as the market is looking for positive signs of the end of China. will eventually 'escape from COV'".

Dalian DJMcv1 and DCJcv1 coke prices increased by 1.6% and 2.1%, respectively.

Binhkhanhsteel