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(Bloomberg) — Iron ore hit a new 18-month high after Chinese President Xi Jinping pledged to boost the economy and create jobs in the world’s largest steel-producing country.
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Curtains rose as much as 2%, days after capping its first annual gain in three years, even amid China’s sluggish economic recovery in 2023. Adding to the widespread stream of pledges to stimulate the economy in recent months, Xi pledged in a televised address. Domingo to the country to “consolidate and boost economic recovery and paint to achieve solid and long-term economic development. “
Beijing is expected to target an expansion of around 5% in 2024. This may be only for the long-suffering domestic metallurgical industry, which has been hit by unrest in the asset development sector. More symptoms of stagnant demand emerged, with the metals industry’s purchasing managers’ index. falling in December from 48. 2 to 46 – less than 50 indicates contraction.
However, metalmakers can expect a low single-digit percentage expansion for the new year, driven by positive momentum in the second half of 2023, infrastructure spending and heavy investments in renewable energy, Bloomberg Intelligence analysts Grant Sporre and Michelle Leung said in a report.
A gauge of Chinese business activity rose for a second straight month in December, indicating some momentum for the economic recovery.
Iron ore futures in Singapore were up 1. 7% at $142. 50 a tonne at 11:26 a. m. local time. Futures in Dalian rose 1. 5%, while rebar and hot-rolled coils are also complex in Shanghai.
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