Iron ore in Asia rose on Wednesday (March 30), Dalian iron ore rose for a fifth straight session as markets expected a sharp increase in stockpiling demand in China as COVID-19 restrictions eased. remove.
Traders pushed prices higher despite China’s Dalian Commodity Exchange raising trading limits and margin requirements for some of their products, including iron ore.
Changes to trading limits and returns will take effect from the settlement date on March 31.
The price of Dalian iron ore for September delivery ended the morning session up 1.7% to 884 CNY (equivalent to 139.03 USD)/ton, in the early trading session, iron ore price touched 887. .50 CNY/ton, the highest since August 9.
On the Singapore Exchange, iron ore contracts traded in May 2022 increased 1.7% to 157.20 USD/ton.
Optimism about the prospect of additional policy support to underpin the world’s second-largest economy and largest steel producer, and signs of a resilient Chinese industrial sector, have strong support for iron ore prices.
On the Shanghai futures exchange, the price of rebar fell 0.4 percent, while hot-rolled coil fell 0.9 percent.
The Shanghai Exchange said today it will also raise trading limits and margin requirements for some futures products, including steel.
Stainless steel prices rose 0.7%. Coking coal prices in Dalian rose 0.2 percent and coking coal rose 1.8 percent.
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