UPDATE 2-Iron Ore posts biggest ever gain on China
Post# of 8059
Posted On: 09/10/2012 7:14:46 PM
UPDATE 2-Iron Ore posts biggest ever gain on China building plan
Mon Sep 10, 2012 4:56pm GMT Print | Single Page [-] Text [+]
* Iron ore rises over 6.7 pct, sellers up offers
* China Aug iron ore imports hit 3-month high (Updates iron ore prices, adds comments from Europe)
By Manolo Serapio Jr and Silvia Antonioli
SINGAPORE/LONDON, Sept 10 (Reuters) - Spot iron ore posted its biggest one-day gain on record on Monday and China steel futures rose sharply for a second day, supported by hopes Beijing's approval of more than $150 billion in infrastructure projects would resuscitate steel demand.
Offer prices for imported iron ore cargoes in China rose over the weekend and the benchmark rate .IO62-CNI=SI jumped by $6, or 6.7 percent, to $95 a tonne on Monday, based on data from information provider Steel Index.
This is the biggest rise ever recorded by the Steel Index, which started assessing spot iron ore prices in April 2009.
"There's more interest now from buyers to get iron ore cargoes even at prices slightly higher than previous deals. Sentiment's better," said an iron ore trader in Shanghai.
China's economic planning body on Friday approved projects to build highways, ports and airport runways, that analysts estimate at more than 1 trillion yuan ($158 billion), roughly a quarter the size of the massive stimulus package unleashed in response to the global financial crisis in 2008.
Shanghai rebar futures surged by their 5 percent limit on Friday on the news, and spot iron ore rose more than 2 percent. Continued...
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Mon Sep 10, 2012 4:56pm GMT Print | Single Page [-] Text [+]
* Iron ore rises over 6.7 pct, sellers up offers
* China Aug iron ore imports hit 3-month high (Updates iron ore prices, adds comments from Europe)
By Manolo Serapio Jr and Silvia Antonioli
SINGAPORE/LONDON, Sept 10 (Reuters) - Spot iron ore posted its biggest one-day gain on record on Monday and China steel futures rose sharply for a second day, supported by hopes Beijing's approval of more than $150 billion in infrastructure projects would resuscitate steel demand.
Offer prices for imported iron ore cargoes in China rose over the weekend and the benchmark rate .IO62-CNI=SI jumped by $6, or 6.7 percent, to $95 a tonne on Monday, based on data from information provider Steel Index.
This is the biggest rise ever recorded by the Steel Index, which started assessing spot iron ore prices in April 2009.
"There's more interest now from buyers to get iron ore cargoes even at prices slightly higher than previous deals. Sentiment's better," said an iron ore trader in Shanghai.
China's economic planning body on Friday approved projects to build highways, ports and airport runways, that analysts estimate at more than 1 trillion yuan ($158 billion), roughly a quarter the size of the massive stimulus package unleashed in response to the global financial crisis in 2008.
Shanghai rebar futures surged by their 5 percent limit on Friday on the news, and spot iron ore rose more than 2 percent. Continued...
View article on single pagePrevious Page 1 | 2 | 3 Next Page
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