Steel and iron ore futures in China rose this Monday, taking a string of softer economic data in their stride, supported by a stabilising property market and improving physical demand to recover from the biggest weekly slide since 2009.
On the Dalian Commodity Exchange, the most-traded iron ore contract climbed 0.4 percent to 367 yuan a tonne, but is still down more than 20 percent from its April peak.
Shanghai hot rolled coil jumped 2.1 percent. Dalian coke, another steel raw material, however fell 0.9 percent.
China's real estate investment in April kept pace with the previous month, as developers continued to start projects in response to surging home sales, which are giving a much-needed boost to the slowing economy, data showed at the weekend.
That helped to soothe doubts about whether the world's second-largest economy is stabilising, after other indicators, including China's fixed-asset investment, factory output and retail sales all grew more slowly than expected in April.
Rebar, or reinforced steel used in construction, climbed 0.7 percent to 2,053 yuan ($3145) a tonne on the Shanghai Futures Exchange by 0710 GMT. Prices slumped 12 pecent last week as the market retreated from a 19-month high of 2,787 yuan reached on April 21.
Physical traders who had been sidelined as speculation revved up steel and iron markets in April had again become more active in bidding for tenders, said analyst Daniel Hynes at ANZ in Sydney.
"It does feel like there is some good support for the physical market at the moment, which is a good sign for demand," he said.
"Fundamentals have been broadly supportive over the past few weeks."
Prices were also steadying after Chinese bourses rolled out fresh rules to curb commodity speculation, contributing to last week's heavy sell-off.
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