Iron ore futures rallied on Thursday to their highest in five weeks, underpinned by better-than-expected economic data and the latest batch of stimulus measures in China, the world’s largest consumer of the steelmaking ingredient.

The most-traded iron ore futures on China’s Dalian Commodity Exchange (DCE) ended daytime trading 3.54% higher at 849 yuan ($116.47) a metric ton, the highest since Aug. 1.

The benchmark iron ore on the Singapore Exchange was 1.9% higher at $116.6 a metric ton, as of 0731 GMT, the highest since July 26.

“The latest flurry of macroeconomic stimulus largely boosted sentiment,” analysts at Huatai Futures said in a note.

“If steel consumption improves further, demand for iron ore from steelmakers will be sustained.”

The official purchasing managers’ index (PMI) in August rose to 49.7 from 49.3 a year before, according to the National Bureau of Statistics, staying below the 50-point level demarcating contraction from expansion. The reading was above a forecast of 49.4.

China will unblock financing channels of stocks, bonds and loans for private enterprises and support their listing and refinancing, its central bank said.

Also, two big cities – Guangzhou and Shenzhen – eased mortgage curbs on Wednesday after Chinese authorities called on cities to broaden the definition of first-home mortgage as part of a string of other measures to revive the troubled property market.

Other steelmaking ingredients also advanced, with coking coal DJMcv1 and coke DCJcv1 on the DCE up 3.26% and 2.13%, respectively.

Steel benchmarks on the Shanghai Futures Exchange strengthened as well. Rebar SRBcv1 climbed 1.27% to 3,740 yuan a ton, hot-rolled coil SHHCcv1 rose 1.89%, wire rod SWRcv1 nudged up 0.07% and stainless steel SHSScv1 added 0.93%.

Daily crude steel output in China will likely reach 3 million tons in August, consultancy Mysteel said in a report on Wednesday.

China’s daily crude steel output in July stood at 2.93 million tons, down 3.6% on the month, official data showed.
Source: Reuters (Reporting by Amy Lv and Dominique Patton in Beijing; Editing by Sherry Jacob-Phillips and Subhranshu Sahu) 管材展-钢管展-2024广州国际管材展－巨浪展览-The 24th China(Guangzhou)Int''l Tube & Pipe Expo 2024管材展，2024管材展会，广州管材展，中国管材展会，2024广州管材展，2024广州管材展会，2024钢管展，2024钢管展会，2024钢管展览会，2024管件展，2024管件展会，2024管件展览会，中国钢管展会，中国管件展，2024管材加工展，2024管材加工展览会，2024管材设备展会，2024钢管设备展，2024管件设备展会，广东管材展，广东管材展会，2024广东钢管展，广东钢管展会，2024管材博览会，2024钢管博览会，2024管件博览会-pipe Industry Exhibition,pipe expo, 2024 pipe exhibition, 2024 pipe expo, China pipe exhibition, China pipe expo,pipe Industry event,pipe event, 2024 pipe event, 2024 pipe event, China pipe event, China pipe event,tube Industry Exhibition,tube expo, 2024 tube exhibition, 2024 tube expo, China tube exhibition, China tube expo,-tube Industry event,tube event, 2024 tube event, 2024 tube event, China tube event, China tube event