Dalian iron ore futures rose for the fourth straight session and recorded their best day in two months on Friday, driven by optimistic news from China’s state banks.

The most-traded May iron ore on China’s Dalian Commodity Exchange ended 3% higher at 973 yuan ($136.16) per metric ton, racking up weekly gains of 3.2%.

On the Singapore Exchange, the benchmark January iron ore was up 1.1% at $137.5 a metric ton and gained 2.7% for the week.

Five of China’s largest state banks, including the Agricultural Bank of China 601288.SS and China Construction Bank 601939.SS, have cut interest rates on some deposits, according to their websites.

“China’s industrial metals have reacted positively to this news as the country aims to reignite consumer spending and stimulate credit growth and borrowing,” said Atilla Widnell, managing director at Navigate Commodities.

“With SGX 62% Iron Ore futures breaking out of resistance at approximately $136 a metric ton, the market is poised to aim for $145-$158 a ton in the coming quarter.”

This projection is fuelled by an increase in output from Chinese blast furnaces as they work to replenish internal iron ore stocks. It also accounts for the need to compensate for stock losses expected during the seasonal first-quarter mine maintenance programs, Widnell added.

China’s steel demand in 2023 will decline by 3.3% from 2022 and contract a further 1.7% in 2024, according to a state research forecast, weighed down by a significant drop in construction activity.

Steel benchmarks on the Shanghai Futures Exchange were mixed. The most-active rebar contract SRBcv1 strengthened 1.3%, hot-rolled coil SHHCcv1 grew 1.2%, and stainless steel SHSScv1 gained 0.6%. Meanwhile, wire rod SWRcv1 decreased by 1%.

Other steelmaking ingredients such as Dalian coking coal DJMcv1 and coke DCJcv1 inched up 2.9% and 3.7%, respectively.

The Singapore markets will be closed on Monday for the Christmas break and trading will resume on Dec. 26.
Source: Reuters (Reporting by Ashley Fang; Editing by Rashmi Aich and Sonia Cheema) 激光设备展-钣金工业展-2024第二十四届广州国际激光设备、钣金工业展览会-巨浪展览- 2024 China(Guangzhou) Int’l Laser Equipment and Sheet Metal Industry Exhibition 2024钣金展，2024钣金工业展 2024钣金展会，2024钣金展览会，2024激光设备展，2024激光设备展会，2024激光设备展览会，2024广州钣金展，2024广州钣金展会，2024广州激光设备展，2024广州激光设备展会，广东激光设备展，中国激光设备展会，广东钣金展，中国钣金展会，2024钣金展会信息，2024激光设备设备展，2024激光设备博览会，2024钣金博览会-sheet metal Industry Exhibition,sheet metal expo, 2024 sheet metal exhibition, 2024 sheet metal expo, China sheet metal exhibition, China sheet metal expo,-Laser Industry Exhibition,Laser expo, 2024 Laser exhibition, 2024 Laser  expo, China Laser exhibition, China Laser expo