Iron ore rises as China factory activity returns to growth
Dalian January iron ore up 0.29% to 703.5 yuan/ton; benchmark October iron ore on SGX up 0.7% to $94.15, after China factory activity returned to growth and Beijing unveiled stimulus measures.
By Emily Ou Yong SINGAPORE, Sept 30 (Reuters) — Iron ore futures rose on Wednesday after data showed China's factory activity returned to growth in September, while fresh stimulus measures from Beijing further supported sentiment. 93) a metric ton, as of 0255 GMT. 15 a ton. Factory activity in China returned to growth in September, an official survey showed on Wednesday, as easing weather-related disruptions allowed factories to resume operations and a global artificial intelligence boom supported the industrial sector.
China on Tuesday unveiled measures aimed at channelling cheaper credit to sectors including infrastructure and technology, while expanding support for homebuyers, in a fresh effort to bolster its slowing economy. Meanwhile, some steel mills in Xingtai, Tianjin, Shijiazhuang and Tangshan cut coke prices on Tuesday, marking the first round of reductions, effective October 1, consultancy Mysteel said. The move could ease cost pressure on mills and loosen the constraint that has been weighing on iron ore procurement, Shanghai Metals Market analysts said in a note. Gains, however, were capped by falling freight rates, which provide cost support to seaborne iron ore prices.
88 a ton, Mysteel data showed. 31% and coke up roughly 1%. Steel benchmarks on the Shanghai Futures Exchange were mixed. 76%.
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