Insignia Consultants | Iron ore heads for weekly gain on brightening demand outlook, China stimulus hopes
Iron ore heads for weekly gain on brightening demand outlook, China stimulus hopes
21 hours ago
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BEIJING, Feb 21 (Reuters) - Iron ore futures prices climbed on Friday to their highest levels in more than four months and headed for a weekly gain, as signs of recovery in steel consumption brightened demand outlook in top consumer China where hopes of more stimulus revived.
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) ended morning trade 1.69% higher at 840 yuan ($116.00) a metric ton, the highest since October 8, 2024.
The benchmark March iron ore <SZZFH5> on the Singapore Exchange was 0.34% higher at $109.05 a ton, as of 0338 GMT, also the highest since October 8, 2024.
Both benchmarks posted rises of around 3% so far this week.
