Iron ore for September delivery on the Dalian Commodity Exchange (DCE) increased 2.01% to 710 yuan/tonne ($102.72) at 06:00 BST today, after decreasing 1.3% last week.
At the Singapore Exchange, iron ore for June delivery increased by 1.01% to $100.45/tonne at 06.07 a.m. today, after decreasing by 5.7% last week.
According to analysts, the source of the increase was the incentives implemented after the Chinese government's policies to stimulate the economy due to the lower-than-expected economic data released last week. Crude steel production increased as some factories resumed production.
On the Shanghai Futures Exchange, rebar increased by 1.03% to 3,632 yuan/ton, while hot rolled coil increased by 1.34% and wire rod by 2.24%.
Stainless steel decreased by 0.07 per cent.
Comments
No comment yet.