Despite the Chinese government’s recent stimulus measures aimed at addressing the challenges faced by the troubled property sector, iron ore futures remained rangebound on Tuesday.
The central bank’s announcement of an additional 12-month loan repayment period for developers was intended to alleviate financial pressures in the debt-ridden property sector. However, market caution persisted due to other factors, including Tangshan output restrictions and a seasonal slowdown in steel demand, which continued to impact the demand outlook.
On the Dalian Commodity Exchange, the September contract for iron ore futures experienced minimal changes, maintaining a level of 807 yuan (USD 111.5). Conversely, Dalian coke and coking coal futures witnessed increases of 3.31pct and 2.8pct respectively, concluding morning trade at 2,150.5 yuan (USD 297) per ton and 1,360 yuan (USD 188) per ton.
Rebar and HRC futures remained unchanged, settling at 3,679 yuan (USD 509) per ton and 3,782 yuan (USD 523) per ton respectively. Wire rod futures, however, saw a 2.1pct growth, reaching 4,035 yuan (USD 558) per ton. Stainless steel futures also experienced an increase of 1.32pct, reaching 14,915 yuan (USD 2,062) per ton.
1 USD / 7.23 yuan
