Iron ore futures experienced a third consecutive session of gains, driven by ongoing optimism regarding additional support for China's property market. The most-traded January iron ore on China’s Dalian Commodity Exchange reached its highest level since Nov. 15, reflecting positive sentiment. Government advisers in China are advocating for a steady growth target in 2024, with expectations of increased fiscal policy support. While analysts anticipate potential benefits for steel demand in the construction sector, they caution about risks and increased supervision by authorities. The article also notes declines in other steelmaking raw materials and highlights the mixed performance of steel benchmarks on the Shanghai Futures Exchange, with downstream consumers resisting higher steel prices amid seasonal demand fluctuations.

SOURCE: GOOGLE