Chinese futures rebounded despite poor economic indicators for China as some participants expected Beijing policymakers to step up stimulus policies.
Chinese futures gained on Wednesday on better buying activities as the Chinese participants were more active in the market after long holidays.
Chinese futures slumped on Wednesday, losing all the gains made since the start of the week.
Chinese futures rebounded on Tuesday, driven by higher China’s official PMI ratings in March.
Iron ore futures opened higher in the DCE with the most active iron ore contract for January delivery hiked up by 0.77% on-day to RMB 657 per tonne on Tuesday.
DCE rallied to RMB 900 a tonne on Tuesday and even reached a day-high of RMB 904.50 a tonne, during the afternoon trading session.
DCE continued its tumble throughout Monday trading session on lower steel demand sentiments and market uncertainty.
DCE came off the highs today trading 745 down to close at 727, bringing an end to multiple high seen in the week.
After being depressed for a long time, the recovery for freight rates appeared not to be wishful thinking anymore as the BDI reached the 1,000 mark.