Iron ore held its biggest weekly gain since January, with traders looking ahead to the release of data in China that may show the economy of the world’s biggest metals-consuming nation expanded more than 5% in the second quarter.Futures of the steel-making staple rose as high as $99.90 a ton early Monday, after surging 3.6% last week. China’s economy potentially expanded just above the government’s full-year growth target, government figures are expected to show Tuesday.
While that would be a positive demand signal, it also could mean policymakers would be less likely to offer up more stimulus in an upcoming meeting of senior leaders.
Iron ore futures rallied last week on speculation that Beijing may do more to aid the struggling property sector, while also moving to tackle industrial overcapacity. The metal is still trading slightly lower this year after five straight monthly losses.Futures in Singapore were little changed at $99.30 a ton at 10:35 a.m. local time. Yuan-priced futures on the Dalian exchange gained while steel contracts in Shanghai declined.
While that would be a positive demand signal, it also could mean policymakers would be less likely to offer up more stimulus in an upcoming meeting of senior leaders.
Iron ore futures rallied last week on speculation that Beijing may do more to aid the struggling property sector, while also moving to tackle industrial overcapacity. The metal is still trading slightly lower this year after five straight monthly losses.Futures in Singapore were little changed at $99.30 a ton at 10:35 a.m. local time. Yuan-priced futures on the Dalian exchange gained while steel contracts in Shanghai declined.
Separately, a delegation of iron ore and steel company executives from Australia — including BHP Group Ltd., Rio Tinto Group, Fortescue Ltd. and BlueScope Steel Ltd. — are traveling to Beijing this week with Prime Minister Anthony Albanese in a bid to balance the trade relationship and strengthen ties.
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