https://www.engineeringnews.co.za

Iron-ore set for biggest weekly gain since March on China hopes

3rd June 2022

By: Bloomberg

  

Font size: - +

Iron-ore headed for the biggest weekly gain in three months as demand prospects brightened after Covid cases eased in China, stockpiles fell and the country vowed to carry out policies to stimulate growth.

Futures in Singapore have surged past $140 a ton as China front-loads infrastructure investment to boost growth, which has been battered by virus-related lockdowns. Chinese officials said Thursday they would accelerate refunds of value-added taxes and ensure that local special bonds -- which are mainly used to fund infrastructure projects -- are issued in a smooth manner.

Additionally, worries that movement curbs in Beijing may escalate into a full blown lockdown didn’t materialize, lifting hopes that restrictions will be eased further. New daily cases remained capped below 100 for the past three days and residents are starting to move around more freely in Shanghai, although mass-testing is mandatory in districts reporting new cases.

Meanwhile, stockpiles at major ports have plunged 7.6% from a month ago, totaling 132-million tons in the week to June 3, according to data from Mysteel Global.

Iron ore in Singapore rose 1.2% to $142 a ton as of 10:42 a.m. local time. It’s gained 6.7% this week, the most since the week ended March 4. China’s markets were closed for a public holiday.

Edited by Bloomberg

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Axiom Hydraulics
Axiom Hydraulics

Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.053 1.135s - 140pq - 2rq
Subscribe Now