Iron ore rallies amid strong demand in China and a weak dollar against the yuan. The resumption of construction activity in China after a break for the Lunar New Year celebration is driving demand for steel and all raw materials, analysts say.
Investors in the iron ore market await economic data in the coming weeks to show that the world's second largest economy is off to a good start in 2017. Strong growth provides an opportunity for the central bank to slowly tighten monetary policy and contain risks from high debt levels.
The most active traded rebar contracts on the Shanghai Futures Exchange rose 1.1. The market rallied for three straight sessions. Iron ore on the Dalian Commodity Exchange rose 0.9 percent.
The Chinese authorities have taken a number of steps in recent months to contain capital outflows from the country and support a weakening yuan in an effort to attract more foreign investment. The dollar wilted against its peers early Thursday morning and hovered near a 10-week low against the yuan.
Subscribe to news
Metallurgy news
- 01 May 2024
10:11 US stainless steel prices continue to rise - 29 April 2024
10:57 EU steel industry faces supply and demand challenges - 12 April 2024
09:52 EU steel demand to recover in 2025 - Worldsteel - 05 April 2024
12:40 Liberty's European division is headquartered in Vienna - 01 April 2024
12:51 The number of electric vehicles in Kazakhstan has increased ninefold over the year 12:37 Liberty Czestochowa is preparing to resume production - 27 March 2024
11:38 Ferrexpo faced restrictions on the corporate rights of Ukrainian subsidiaries - 24 March 2024
12:16 Kazakhstan opened a national pavilion at a mining conference in Toronto
Publications
03.05 The best price of a stretch ceiling per m2 with work in Kyiv from the manufacturer Demi-Lune 02.05 Protein in the HealthFit online store 02.05 I-beams of European standards 02.05 Fan coil units - practicality and space saving 02.05 Creams and ointments for psoriasis and skin diseases on the arms and legs in Kyiv and Ukraine