As Chinese markets were boosted by President Xi Jinping's promise to take more effective steps to accomplish the nation's economic and social development goals, Dalian iron ore recovered in afternoon trade on Thursday, erasing previous losses.
After hitting a 16-week low on Wednesday, the most traded iron ore for September delivery on China's Dalian Commodity Exchange finished daytime trade 2.5 percent higher at 749.50 yuan (USD 111.7) per ton.
Due to losses early in the day, Dalian iron ore was on course for its worst losing run since the Chinese market began offering futures trading for the commodity in 2013.
The front-month July contract for iron ore on the Singapore Exchange rose 5.6 percent to USD 114.20 a ton during the trading session.
In order to prevent the nascent recovery from being derailed, Xi urged for closer collaboration on economic policy during the BRICS Business Forum opening ceremony on Wednesday.
Without providing any details, Xi stated that China will accelerate macro-policy changes and implement more efficient methods to fulfill its yearly economic and social development objectives while reducing the COVID-19 epidemic's negative effects as much as feasible.
Coke and coking coal both increased by 3.4 percent in Dalian.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.
