RE: News28 Jun 2023 07:32
Https://tradingeconomics.com/commodity/iron-ore
Fe $115.5
up 2.67%
"Prices for iron ore cargoes with a 63.5% iron ore content for delivery in Tianjin held near the $115 level, remaining close to the two-month high of $117 touched on June 16th as markets assessed concerns of lower demand against the possibility that the Chinese government will provide stimulus measures for its key construction sector. A batch of concerning data underscored the country’s struggle to recover from pandemic lockdowns, especially hitting the essential property sector. The official manufacturing PMI showed another contraction in May, while imports sank and loan growth missed estimates. Consequently, hopes of stimulus measures by Beijing pinned demand expectations for ferrous raw materials. In the meantime, the PBoC also aimed to ease developers’ debt struggles with a CNY 2 billion liquidity injection and a 10bps cut in key interest rates."