GSTDTAP  > 地球科学
Iron ore price jumps 7% on hopes of more support from Chinese government
admin
2021-08-24
发布年2021
语种英语
国家国际
领域地球科学
正文(英文)
Stock image.

The iron ore price surged Tuesday on expectations a recovery in economic growth, including additional support from the Chinese government, will boost demand for steel.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $146.13 a tonne, up 7.3% from Monday’s closing.

The most-traded Dalian iron ore contract for January 2022 delivery jumped 6.2% to 817.50 yuan a tonne, bouncing off a 7-1/2-month low hit on Friday. 

Futures in Singapore rebounded as much as 10% as a potential boost to the US vaccination drive lifted sentiment across assets from stocks to base metals.

Iron ore price rebound.

Separately, China’s central bank chief vowed to stabilize the supply of credit and boost the amount of money supporting smaller businesses and the real economy after both credit and economic growth slowed in July. 

In China, “people are hoping for some further stimulus targeting the infrastructure sector, as real estate and manufacturing are looking bleak,” said Erik Hedborg, principal analyst at CRU Group.

“In the rest of the world, we are seeing steel production stabilizing at levels below pre-pandemic levels.”

Official data also shows that the Chinese economy is slowing more generally, particularly in property and infrastructure.

“The infrastructure and property sectors account for 20-25% and 25-30% of China’s steel demand respectively,” noted Commonwealth Bank commodities analyst Vivek Dhar.

Iron ore lost about a quarter of its value over the past month, as China’s push to reduce steel production hammered demand.

(With files from Reuters and Bloomberg)

URL查看原文
来源平台Minging.com
文献类型新闻
条目标识符http://119.78.100.173/C666/handle/2XK7JSWQ/336116
专题地球科学
推荐引用方式
GB/T 7714
admin. Iron ore price jumps 7% on hopes of more support from Chinese government. 2021.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
查看访问统计
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[admin]的文章
百度学术
百度学术中相似的文章
[admin]的文章
必应学术
必应学术中相似的文章
[admin]的文章
相关权益政策
暂无数据
收藏/分享
所有评论 (0)
暂无评论
 

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。