Positive economic data for China stimulates seaborne iron ore market

China’s record-high crude steel output last month as well as positive economic data out of the country gave the seaborne iron ore market a boost on Monday July 17.

Key drivers Real estate investments in China rose 8.5% year on year to 5.061 trillion yuan ($747 billion) in the first half of 2017 while new housing start-ups are up 10.6%, at 8.5 billion square metres, according to data released by the National Bureau of Statistics in the morning. The positive figures boosted investor confidence, and triggered increases in the ferrous futures market. Crude steel output in China also hit record high in June, rising 5.7% year on year to 73.23 million tonnes. Output in the first half of the year also rose 4.6% to 419.75 million tonnes. Premiums for August-delivery cargoes of 62% Fe Pilbara Blend fines sold against 62% Fe indices rose to $1.20-1.50 per tonne during...

Published

Metal Bulletin Editorial

July 17, 2017

12:07 GMT

Shanghai