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Monday, November 28, 2022

Iron ore rises as China’s economy rebounds

MANILA: Singapore and Dalian iron ore futures edged up on Monday, after data showed top steel producer China’s economy rebounded at a faster-than-expected pace in the third quarter, but concerns about COVID-19 curbs and property slump kept a lid on prices. Iron ore’s benchmark November contract on the Singapore Exchange was up 0.3% at $91.05 a tonne, as of 0620 GMT.

On China’s Dalian Commodity Exchange, the steelmaking ingredient’s most-traded January contract gained 0.3% to 680.50 yuan ($93.83) a tonne. China’s economy expanded 3.9% in the July-September quarter year-on-year, above the 3.4% growth forecast in a Reuters poll and quickening from the 0.4% pace in the second quarter.

But investors were not impressed, as real estate investment in January-September fell 8.0% from the same period a year earlier, worsening from the 7.4% decline seen in the first eight months of the year.

Iron ore rises as China’s economy rebounds

Source: Brecorder

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