Iron-ore rallies back above $100 as China’s vows boost outlook
Iron-ore headed for the biggest weekly gain since April — with futures topping $100 a ton — after policymakers in China unveiled a blitz of initiatives to support growth in the world’s largest user of the steel-making ingredient.
Futures gained for a fourth day in Singapore, and are up about 10% this week, joining a broad rally that’s lifted most risk assets including many commodities. On Tuesday, the People’s Bank of China announced a slew of measures to aid the economy, including the steel-intensive property sector. That was followed on Thursday by a report that the 24-man Politburo concluded with a promise to strive to achieve the country’s annual economic goals.
The week’s surge has pared a quarterly loss fueled by concerns that China’s slowdown — especially the drag from a drawn-out property crisis — was hurting demand for steel. The nation’s mills had sounded the alarm about increasingly tough conditions, spurring expectations that Beijing would respond by doing more to support the economy.
Futures rose 2.2% to $100.65 a ton at 9:49 a.m. in Singapore, on course for the highest close since August. In China, yuan-priced contracts climbed in Dalian, while steel futures gained in Shanghai.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation