Latest news with #DalianCommodityExchange
Business Recorder
21 hours ago
- Business
- Business Recorder
Iron ore gains on falling inventories
SINGAPORE: Prices of Dalian iron ore futures rose on Friday and were poised for a weekly gain on falling iron ore and steel inventories, outweighing Taiwan anti-dumping duties. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended morning trade 1.85% higher at 715.5 yuan ($99.78) a metric ton. The contract has gained 4.67% so far this week. The benchmark July iron ore on the Singapore Exchange was 1.16% higher at $94.4 a ton as of 0414 GMT, rising 1.01% so far this week. 'Falling iron ore port inventories are a tailwind, providing downside protection to iron ore prices,' said ANZ analysts. Total stockpiles of iron ore across ports in China fell 0.74% week-on-week to 133.6 million tons as of June 27, according to SteelHome data. Mysteel data showed finished steel inventories held by Chinese traders continued to fall from June 20 to 26, marking the seventh consecutive weekly decline. However, the pace of the fall slowed compared to the week before, which could be attributed to increased production at domestic mills, Mysteel added. The US dollar tumbled to near a 3-1/2 year low amid the possible early replacement of US Federal Reserve Chair Jerome Powell, sparking concerns over an erosion of the central bank's independence. A weaker greenback makes dollar-denominated assets cheaper for holders of other currencies.
Business Recorder
2 days ago
- Business
- Business Recorder
Iron ore posts largest weekly gain in six on falling inventories
SINGAPORE: Iron ore futures rose on Friday, posting their largest weekly gain since May 16 on falling iron ore and steel inventories, outweighing Taiwan's anti-dumping duties. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 1.99% higher at 716.5 yuan ($99.95) a metric ton. The contract gained 1.64% this week, snapping two consecutive weeks of losses. The benchmark July iron ore on the Singapore Exchange was 1.43% higher at $94.65 a ton as of 0801 GMT, rising 1.11% this week, rallying after five consecutive weeks of losses. 'Falling iron ore port inventories are a tailwind, providing downside protection to iron ore prices,' said ANZ analysts. Total stockpiles of iron ore across ports in China fell 0.74% week-on-week to 133.6 million tons as of June 27, according to SteelHome data. Iron ore dips on increased supply; dollar strength caps gains Mysteel data showed finished steel inventories held by Chinese traders continued to fall from June 20 to 26, marking the seventh consecutive weekly decline. However, the pace of the fall slowed compared to the week before, which could be attributed to increased production at domestic mills, Mysteel added. Meanwhile, China stocks are set to hit their biggest weekly gain in more than seven months, with the Mideast ceasefire buoying investor sentiment. Still, China's industrial profits swung back into sharp decline in May from a year earlier, as sluggish domestic demand from a prolonged property crisis squeezed profits in the country's industrial firms, compounded by a price war among automakers. On the trade front, Taiwan is set to impose anti-dumping duties as high as 20.15% on Chinese-made hot-rolled steel starting on July 3. Other steelmaking ingredients on the DCE rose, with coking coal and coke up 4.89% and 2.52%, respectively. Steel benchmarks on the Shanghai Futures Exchange mostly gained ground. Rebar and hot-rolled coil strengthened around 1%, wire rod climbed 1.65% and stainless steel fell 0.04%.
Business Recorder
3 days ago
- Business
- Business Recorder
Iron ore dips on increased supply; dollar strength caps gains
SINGAPORE: Iron ore futures prices fell for a third consecutive session on Thursday on rising shipments from Australia and Brazil, although gains were capped by a weakening U.S. dollar. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended morning trade 0.36% lower at 698.5 yuan ($97.51) a metric ton. The benchmark July iron ore on the Singapore Exchange was 0.37% lower at $92.4 a ton, as of 0354 GMT. 'Iron ore futures threatened to record a new year-to-date low as robust supplies and lower steel production in China weigh on sentiment,' said ANZ analysts. According to data from Chinese consultancy Mysteel, inventories of imported iron ore sintering fines have risen for the third straight week to 12.3 million tonnes by June 25. Meanwhile, consumption of imported sintering fines fell 1.5% week-on-week, Mysteel added. Iron ore extends decline on rise in supplies, off-season demand woes Still, providing some support to prices was a weaker U.S. dollar, which tumbled to multi-year lows as U.S. President Donald Trump's comments on replacing Federal Reserve Chair Jerome Powell sparked concerns regarding the independence of the Fed. A weaker greenback makes dollar-denominated assets cheaper for holders of other currencies. Major producer Vale has increased its supply of iron ore due to an end-of-season rush, significantly contributing to increased global iron ore shipments from Australia and Brazil, said broker Everbright Futures. China's Premier Li Qiang said on Thursday that policymakers would take 'forceful steps' to boost domestic consumption. Other steelmaking ingredients on the DCE rose, with coking coal and coke up 1.45% and 0.58%, respectively. Most steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar fell 0.47%, hot-rolled coil dipped 0.36%, wire rod inched 0.21% lower, and stainless steel rose 1.28%.
Time of India
5 days ago
- Business
- Time of India
Iron ore eases on firm Australia supply outlook, China demand cushions fall
Singapore: Iron ore futures snapped a three-day rally on Tuesday amid strengthening supply outlook from top producer Australia, but resilient steel demand in China cushioned the fall. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 0.42 per cent lower at 703 yuan ($97.97) a metric ton. The benchmark July iron ore on the Singapore Exchange lost 0.71 per cent to $93.2 a ton as of 0725 GMT. Rio Tinto, the world's largest iron ore producer, is entering a joint venture with Hancock Prospecting to develop the Hope Downs 2 project in Western Australia. The two iron ore pits will have a combined total annual production capacity of 31 million metric tons, Rio said in a statement. Meanwhile, iron ore shipments from Australia and Brazil jumped 8.8 per cent week-on-week during June 16-22, the highest since June 2024, Chinese consultancy Mysteel said. Hot metal production, a gauge of iron ore demand, rose 0.24 per cent to 2.422 million tons week-on-week as of June 20, data from Mysteel showed. "Volumes have stayed around 2.4 million tons since April, suggesting resilience in the world's largest steel market," ANZ analysts said. Still, the steel market is pricing in expectations of weaker seasonal demand, Hexun Futures said. Other steelmaking ingredients on the DCE fell, with coking coal and coke down 1.94 per cent and 2.03 per cent , respectively. Steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar and hot-rolled coil dipped about 0.5 per cent , wire rod fell 0.9 per cent and stainless steel eased 0.28 per cent .
Business Recorder
6 days ago
- Business
- Business Recorder
Dalian iron ore hits one-week
SINGAPORE: Dalian iron ore futures touched their highest levels in more than a week on Monday, supported by improving short-term demand prospects for the steelmaking ingredient in top consumer China. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 0.5% higher at 706 yuan ($98.25) a metric ton. Earlier in the session, prices rose to 709.5 yuan, their highest point since June 13. The benchmark July iron ore on the Singapore Exchange was 0.36% higher at $93.85 a ton, as of 0717 GMT. Hot metal production, a gauge of iron ore demand, inched up 0.24% week-on-week to 2.422 million tons, as of June 20, according to data from Chinese consultancy Mysteel. 'In the short term, hot metal production will remain stable, supporting prices for iron ore,' said broker Everbright Futures. However, demand in China is entering the off-season, with construction material consumption already weakening, broker Galaxy Futures said. Spring is typically the peak construction period ahead of the June rains, which have further dampened demand prospects. Capacity utilisation rates for China's electric-arc-furnace steelmakers fell 2.2% week-on-week to a three-month low of 54.5%, Mysteel said in a separate note, attributing the fall to persistent negative margins. Also capping gains was a firmer greenback, with the dollar index climbing 0.12% on Monday on safe-haven bids.
