Iron ore jumps to over three-week high on China stimulus, soft global supply
Updates closing prices
SINGAPORE, Sept 25 (Reuters) -Prices of iron ore futures surged on Wednesday to their highest levels in more than three weeks, as a fresh batch of monetary easing policies from top consumer China boosted market sentiment, while lower global supply also lent support.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 4.19% higher at 709 yuan ($101.02) a metric ton.
The contract hit an intraday high of 730.5 yuan, its strongest level since Sept. 2.
The benchmark October iron ore SZZFV4 on the Singapore Exchange was 1.7% higher at $96.35 a ton, as of 0710 GMT.
Iron ore futures rallied on hopes the measures to support China's real estate market would turn around its fortunes, ANZ analysts said in a note.
The stimulus announcement boosted sentiment across domestic ferrous commodities markets, spurring an uptick in imported iron ore prices on Sept. 24, said Chinese consultancy Mysteel.
China's central bank on Wednesday lowered the cost of its medium-term loans to banks.
The move follows Beijing's announcement on Tuesday of its biggest stimulus package since the pandemic, including rate cuts and mortgage requirement easing, in a bid to revive activity and stabilise the crisis-hit property market.
Analysts, however, noted the absence of policies supporting real economic activity.
Although the stimulus measures should stop steel market conditions from worsening, they are unlikely to boost short-term demand, as this year's steel output remains on track to come in lower than 2023, ANZ analysts said.
Meanwhile, the volume of iron ore shipments dispatched globally from 19 ports and 16 mining companies in Australia and Brazil declined 4% week-on-week during Sept. 16-22, Mysteel said.
Other steelmaking ingredients on the DCE jumped, with coking coal DJMcv1 and coke DCJcv1 up 4.5% and 4.71%, respectively.
Most steel benchmarks on the Shanghai Futures Exchange posted gains. Rebar SRBcv1 climbed 2.35%, hot-rolled coil SHHCcv1 advanced almost 2.2%, stainless steel SHSScv1 added 1.56%, although wire rod SWRcv1 dropped 1.57%.
($1 = 7.0185 Chinese yuan)
Reporting by Gabrielle Ng; Editing by Eileen Soreng and Sherry Jacob-Phillips
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