Saturday, September 18, 2021
China

China iron ore futures rise on firm demand

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From Economic Times

Utilisation rate at 247 steel mills across China rose to 78.40 per cent last week from 76.89 per cent a week earlier, according to data compiled by consultancy Mysteel on China’s main mills

BEIJING: Iron ore futures in China rose in early trade on Monday as weekly utilisation rate increased, pointing to firm demand for the steelmaking ingredient.

Utilisation rate at 247 steel mills across China rose to 78.40 per cent last week from 76.89 per cent a week earlier, according to data compiled by consultancy Mysteel on China’s main mills.

The most-traded iron ore futures contract on the Dalian Commodity Exchange for May 2020 delivery jumped as much as 0.8 per cent to 668 yuan ($95.79) per tonne. It was up 0.2 per cent at 665 yuan per tonne by 0229 GMT.

Benchmark spot cargoes of iron ore with 62 per cent iron content for delivery to China jumped for a second session to $94.5 a tonne on Friday.

Other steelmaking raw materials also rose, with Dalian coking coal inching up 0.1 per cent to 1,179 yuan per tonne and Dalian coke gaining 0.2 per cent to 1,873 yuan per tonne.

 

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