Iron ore futures gained for a second session on Tuesday, as better-than-expected loan data from top iron ore consumer China, a stronger yuan and anticipation of pre-holiday restocking bolstered investor sentiment.
Chinese banks extended 1.36 trillion yuan in new yuan loans in August, up from 345.9 billion yuan in July, data from People’s Bank of China showed on Monday, higher than the estimated 1.20 trillion yuan in aEarlier on Monday data from the National Bureau of Statistics showed the consumer price index rose 0.1% in August from a year earlier, after falling 0.3% in the previous month.
Other steelmaking ingredients also strengthened, with coking coal and coke on the DCE up 5.06% and 2.88%, respectively, hitting their highest levels in six months.