Iron Ore Rises on Strong China Data
Iron ore futures climbed toward CNY 710 per ton, recovering from eight-week lows after data showed China’s manufacturing sector returned to growth in September, improving the demand outlook in the world’s largest metals consumer. China also introduced measures to direct lower-cost credit toward sectors including infrastructure and technology, while increasing support for homebuyers as part ...
Iron ore futures surged towards CNY 710 per ton, climbing out of an eight-week slump, following positive data indicating China's manufacturing sector regained growth in September. This improvement in demand outlook benefits the world's premier metals consumer. China has taken steps to channel lower-cost credit towards essential sectors like infrastructure and technology, alongside bolstering support for homebuyers as part of their endeavors to boost economic growth.
Investors are also anticipating China's extended National Day holiday, which is anticipated to result in lower trading volumes and diminished economic activity during the period. The ferrous metals market continues to face challenges due to declining steel demand and declining profitability among steel mills. The China Iron and Steel Association has urged steelmakers to lower production and trim inventories to safeguard margins and control surplus supply. This information is sourced from Trading Economics.
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