Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Iron ore futures prices advanced on Friday, aided by growing expectations of improved demand and more stimulus to be unveiled in the coming week in top consumer China. The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.79% higher at 894 yuan ($124.23) a metric tonne, as of 0215 GMT.
The benchmark April iron ore SZZFJ4 on the Singapore Exchange was 0.89% higher at $116.1 a tonne. China's manufacturing activity in February contracted for a fifth straight month, an official factory survey showed, raising the pressure on policymakers to consider further stimulus measures.
A private-sector survey, however, showed both production and new orders grew faster last month, pushing business confidence to a 10-month high. Eyes are on China's annual parliament meeting-the National People's Congress, which will convene on March 5 with a series of economic targets and policy priorities for this year.
"With no sign that the sector's (property market) multi-year correction in real estate is close to finding a floor, things will get worse before they get better. We expect announcements of widening support and clear market interventions," said analysts at Moody's Analytics in a note, expecting extra stimulus for manufacturing sector.
Boosting market sentiment is also Beijing's latest effort to support its ailing property area. China urged prefecture-level and above cities to establish a financing coordination mechanism before March 15 in a bid to support the country's struggling property sector.
Other steelmaking ingredients on the DCE also strengthened, with coking coal and coke up 1.18% and 1.01%, respectively. Steel benchmarks on the Shanghai Futures Exchange were mixed. Rebar was little changed, hot-rolled coil ticked up 0.18% while wire rod shed 0.17% and stainless steel lost 0.18%.
Also Read : India’s coking coal import port traffic high 13% in April Indian steel mills urge government intervention in coking coal price indexing
In January, India's steel exports reached 0.9 million tonnes (MT), up 43% YoY and more than 30% mont...
Business 12-Feb-2024
South Korea Sets Anti-Dumping Tariffs on Chinese Stainless Steel South Korea has announced anti-dum...
China 26-Jun-2025
Union Commerce and Industry Minister Piyush Goyal on Wednesday said the PM Gati Shakti mechanism, a...
Press Releases 11-Jan-2024
The government has received four proposals for setting up semiconductor manufacturing plants and 13...
Announcement 08-Feb-2024
Record Surge: India’s finished steel imports from South Korea, China, and Japan hit an all...
Business 04-Mar-2025
Anti-dumping duties on steel from Vietnam, Japan, South Korea. New tariffs to remain for 5 years....
Business 13-May-2025