October 28, 2024 – Iron ore and steel prices in Asia rose today (Monday) on the back of more positive market sentiment. Asian stocks are also joining the more optimistic outlook, posting gains at the start of the week.
Iron ore and steel prices rose in Asia on Monday
China is aiming for a growth target of 5% this year and is using the central bank’s new credit instruments to increase market liquidity and support the industrial sector. According to current analyst opinions, these measures seem to have a positive impact on sentiment in Asian markets.
Dalian iron ore contracts and Chinese spot market prices rise
Commodity markets reacted positively: Dalian (DCE) iron ore contracts rose by 2.35% per tonne, while the December benchmark in Singapore rose by 1.88%. Iron ore spot market prices in China rose by between 1.9% and 3.5%.
DCE coking coal and coke up by up to 4.6%
On the DCE, coking coal and coke prices rose by 4.13% and 4.6% respectively, while steel benchmarks in Shanghai, including rebar and hot-rolled strip, recorded gains of over 3%. These price increases reflect market confidence, which anticipates rising industrial demand.
Steel prices in China on the rise
In the Chinese spot market, the national average prices for all important steel products recorded gains. Rebar (+0.65%), hot rolled coil (+2.32%), cold rolled coil (+1.41%) and wire rod (+0.72%) rose particularly sharply.
There are also increasing reports that stainless steel prices in Taiwan are expected to rise in November.
China’s measures to strengthen the industry are generally regarded as an important indicator for global trade in commodities and show economic trends.
Asian stock markets on the rise again
Most Asian stocks rose on Monday as concerns over the Israel-Iran conflict eased following a less severe than expected attack by Israel.
Japanese markets led the way as stocks rose in the face of political changes in the country. Investors currently expect that there could be fewer interest rate hikes by the Bank of Japan in the near future.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
