Dalian iron ore futures hit 2-month high on stimulus and restocking optimism
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Update time : 2024-12-04 18:42:42
On December 3, Dalian iron ore futures rose to their highest levels in nearly two months, marking a third consecutive day of gains. The rally was driven by optimism surrounding potential economic stimulus measures from China and seasonal restocking by steelmakers.
As the world's largest iron ore consumer, China's demand continues to support global prices, with iron ore also gaining on the Singapore Exchange.
Analysts are closely monitoring upcoming meetings of Beijing’s leadership for hints of new stimulus policies to boost economic growth. Steelmakers, preparing for the winter season, are increasing restocking efforts, which is driving up demand for iron ore.
This positive sentiment has also extended to the steel market, where prices for key products like rebar, hot-rolled coils, and wire rods are on the rise, reflecting broader market strength.
The combination of policy optimism and solid industrial activity suggests that iron ore prices will likely maintain their upward momentum in the near term.
In conclusion, expectations of government support and robust demand from Chinese steelmakers are propelling iron ore prices higher.
