Iron ore futures prices continued to gain for a second session as the market continued to be bullish on new Chinese incentives and expectations of a recovery in steel demand from the largest consumer. The January iron ore futures contract on the Dalian Commodity Exchange (DCE) increased 0.79% to 98.70 USD/ton in morning trade. This contract has so far gained 2.86% on a weekly basis.
On the other hand, the October iron ore contract on the Singapore Exchange traded at 94.5 USD/ton, decreasing by 0.27% as of 06.31 am.
Chinese markets will be closed on September 16-17 due to holidays and trading will resume on September 18.
Coking coal and coke contracts on the Dalian Commodity Exchange gained 0.55% and 1.77% respectively.
Steel products on the Shanghai Futures Exchange were generally higher. Hot-rolled coil gained 1.25%, rebar about 1.1% and wire rod 1.0%, while stainless steel decreaed by 0.26%.
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