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Iron ore futures prices remained rangebound on Monday as investors anticipated the release of further crucial data from top customer China for further guidance. China is scheduled to announce a wide range of critical data on Tuesday, including commodity output, property investment, and first-quarter economic growth.
The most traded September iron ore contract on China's Dalian Commodity Exchange (DCE) increased 0.85% to $115.29 per metric tonne. Nonetheless, the benchmark May iron ore price on the Singapore Exchange dropped by 0.35% to $110.65 per tonne.
Prices of the primary steelmaking ingredient had risen by more than 6% in the previous week, owing to an improved demand outlook. However, analysts said a batch of weaker-than-expected macroeconomic data in the world's second-largest economy, coupled with lingering property woes, cast a shadow on steel consumption outlook in the medium to long term.
New bank lending in China rose less than expected in March compared to the previous month, while broad credit growth hit a record low. This boosted the case for the central bank to roll out more stimulus measures to help hit an ambitious growth target. State-backed Chinese real estate developer Vanke said it faces short-term liquidity pressure and operational difficulty but has prepared "a basket of plans" to stabilise its business and cut debt.
Other steelmaking ingredients on the DCE recorded gains, with coking coal and coke up 2.18% and 1.79%, respectively. Steel benchmarks on the Shanghai Futures Exchange were mostly down. Rebar dipped 0.69%, hot-rolled coil edged down 0.19%, wire rod declined 1.41%, while stainless steel added 1.2%.
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