Iron ore prices in Asia rose on Wednesday, with the benchmark Dalian contract advancing for a fifth straight session, as markets expect robust replenishment demand in China once Covid-19 restrictions are lifted. suspended.
Traders raised prices despite the Dalian exchange raising trading limits and margin requirements for some of its futures products, including iron ore, ahead of an April 5 holiday.
Changes to trading limits and margins will take effect from the settlement on March 31.
Top-traded Dalian iron ore for September delivery ended day trading up 3% at 895 yuan ($140.90) a tonne after hitting 898 yuan, the highest since Aug. 9.
Optimism about the prospects for further political support to prop up the world’s second-largest economy and largest steel producer and signs of a resilient Chinese manufacturing sector provided strong support for iron ore.
“Traders are buying the steel ingredient after data showed Chinese industrial companies saw strong profit growth in January-February 2022,” said SP Angel analyst John Meyer, referring to data released earlier this week. .
Source: CNN Brasil
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