Market Insight: Iron Ore in Dalian Climbs After Three-Day Slump, Poised for Weekly Gains

In Dalian, iron ore futures prices rose today, recovering from a three-session decline, as market sentiment improved due to a series of stimulus measures from China, setting the stage for weekly gains. The January iron ore contract on the Dalian Commodity Exchange (DCE) finished morning trade 3.07% higher at 771.5 yuan/ton ($108.28), marking a 1.71% increase so far this week. The benchmark November iron ore on the Singapore Exchange rose 1.91% to $101.2 per ton at 07:05 GMT, although it has fallen 2.34% this week. Analysts noted that recent macroeconomic policies have led to a recovery in ferrous metals, helping lift iron ore prices in the short term. They pointed out that steel producers regained profits as inventories were restocked ahead of the National Day holiday, following a policy shift in Beijing at the end of September. Other steelmaking ingredients on the DCE, coking coal and coke, also rose by 2.45% and 2.47%, respectively. Steel benchmarks on the Shanghai Futures Exchange rebounded, with hot-rolled coil up 2%, rebar up 1.84%, stainless steel up 1.33%, and wire rod up 0.9%.