30.09.202606:43:14UTC+00Iron Ore Rises on Strong China Data

Iron ore futures rebounded toward CNY 710 per ton, recovering from eight-week lows after data showed that China’s manufacturing sector returned to growth in September, bolstering the demand outlook in the world’s largest metals consumer. Authorities also rolled out measures to channel lower-cost credit into sectors such as infrastructure and technology, while stepping up support for homebuyers as part of broader efforts to shore up economic growth. At the same time, investors are bracing for China’s weeklong National Day holiday, which is expected to dampen trading volumes and economic activity during the period. The ferrous metals market, however, continues to face headwinds from weakening steel demand and shrinking mill margins. In response, the China Iron and Steel Association has urged steelmakers to curb production and draw down inventories to protect profitability and rein in excess supply.