Iron ore and steel futures experienced gains on Wednesday, buoyed by positive market sentiments driven by expectations of additional stimulus measures and robust loan data.
The China Securities Journal, a state-backed publication, reported that Chinese authorities were anticipated to expedite the implementation of new policies aimed at fostering a stable and healthy real estate market.
Data from the central People’s Bank of China revealed that in June, Chinese banks disbursed a total of 3.05 trillion yuan (USD 423 bln) in new yuan loans. This figure more than doubled the amount recorded in May and also represented a significant increase from the 2.8 trillion yuan disbursed in the same month last year.
On the Dalian Commodity Exchange, the September contract for iron ore futures increased by 2.61 pct to 825 yuan (USD 114.4). Dalian coke and coking coal futures extend gains with an increases of 2.28 pct and 2.96 pct respectively, concluding morning trade at 2,178.5 yuan (USD 302) per ton and 1,391.5 yuan (USD 193) per ton.
Rebar futures grew 1.06 pct to 3,716 yuan (USD 515) per ton. HRC futures increased by 1.03 settling at 3,819 yuan (USD 530) per ton. Wire rod futures rose 1.51 pct, reaching 4,110 yuan (USD 570) per ton. Stainless steel futures was almost flat at 14,885 yuan (USD 2,064) per ton.
1 USD / 7.21 yuan
