Iron ore prices recovered on Wednesday as sentiment was boosted following aspeech by China’s central bank governor on support for the property market, the country’s biggest steel consuming sector.

The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) ended daytime trading 1.03% higher at 935 yuan ($128.46) a metric ton.

The benchmark December iron ore on the Singapore Exchange was 1.09% higher at $124.4 a ton, as of 0736 GMT, the highest since April 3.

Pan Gongsheng, China’s central bank governor, said spillover effect of property market adjustments on the financial system are generally manageable and will guide financial institutions to keep stable financing channels open through property credit and bonds, state media reported.

Sentiment was also bolstered following a Reuters report that Chinese authorities have asked Ping An Insurance Group 2318.HK to take a controlling stake in embattledCountry Garden 2007.HK, the nation’s biggest private property developer.

Ping An 601318.SS denied to have been approached by the government.

Prices shrugged off earlier losses due to lingering risk-off sentiment.

“Fears of enhanced government supervision on the market weighed on prices, especially after latest moves made by the Dalian bourse,” said Chu Xinli, a Shanghai-based analyst at China Futures.

The DCE announced on Monday it would limittrading volumes and adjust up trading fee rates for some futures contracts of the key steelmaking ingredient.

“More production cuts might not be seen amid improved steel margins, indicating ore demand won’t shrink significantly in the near term, supporting prices,” Chu added.

Other steelmaking ingredients on the DCE alsoposted gains, with coking coal DJMcv1 and cokeDCJcv1 up 2.43% and 1.41%, respectively.

Higher raw materials prices drove up steelbenchmarks on the Shanghai Futures Exchange. Rebar SRBcv1 added 1.29%, hot-rolled coil SHHCcv1 rose 1.18%, wire rod SWRcv1 climbed 0.57%.

Stainless steel SHSScv1 fell 0.89%.
Source: Reuters (Reporting by Amy Lv and Dominique Patton in Beijing; Editing by Rashmi Aich and Varun H K”)

热处理展-工业炉展-2024第二十四届广州国际热处理、工业炉展览会-巨浪展览—The 24th China(Guangzhou)Int’l Heat Treatment, Industrial Furnace Exhibition 2024工业炉展，2024工业炉展会，2024工业炉展览会，2024热处理展，2024热处理展会，2024热处理展览会，2024广州工业炉展，2024广州工业炉展会，2024广州热处理展，2024广州热处理展会，广东热处理展，中国热处理展会，广东工业炉展，中国工业炉展会，2024耐火材料展会，2024热处理设备展，2024热处理博览会，2024工业炉博览会-heat treatment Industry Exhibition,heat treatment expo, 2024 heat treatment exhibition, 2024 heat treatment expo, China heat treatment exhibition, China heat treatment expo,heat treatment Industry event,heat treatment event, 2024 heat treatment event,heat treatment event 2024, China heat treatment event, China heat treatment event,furnace Industry Exhibition,furnace expo, 2024 furnace exhibition, 2024 furnace expo, China furnace exhibition, China furnace expo,furnace Industry event,furnace event, 2024 furnace event,furnace event 2024, China furnace event, China furnace event