Iron ore surges, but could retest support at $100/ton

January iron ore on China's Dalian Commodity Exchange ended intraday trading 2.1% higher at 728 yuan ($100.64) a tonne.

On the Singapore Exchange, the September benchmark iron ore price rose 2.2% to $103 a tonne, offsetting the previous day's drop.

Atilla Widnell, chief executive officer, said: "Several slight gains have temporarily eased the overwhelming disappointment over a slumping economy. This has only served to bait the selling iron ore bears. enter and gain additional speculative profits from short positions.

“However, the market seems to be psychologically preparing to break the $100/ton support.”

China's property market has been steadily weakening, while shipments from Australia have picked up despite a low construction season in the world's second-largest economy, ANZ analysts said in a note. gender.

Fears that Chinese property giant Country Garden is preparing to restructure debt have sent its stocks to record lows and raised concerns about the outlook for the property sector in the absence of cash. stronger support from Beijing.

Meanwhile, inventories of the 5 main carbon steel commodities held by 184 Chinese steel mills according to Mysteel's regular survey increased further between August 3rd and 9th due to increased demand. low , with total volume up 4% from the previous week to 4.55 million tonnes .

Most of the steel standards on the Shanghai Futures Exchange are mixed. The most traded rebar contract SRBcv1 gained 0.1%, hot rolled coil SHHCcv1 was unchanged, wire steel lost 0.7%, while stainless steel gained 1.5%.

Other steelmaking materials Dalian coke and coke fell 0.6% and 0.9%, respectively.

China's top steel-producing province, Hebei, could spend two years carrying out post-flood reconstruction, China News Service reported.

Sat Thep