Dalian iron ore futures climbed on Wednesday, while the Singapore benchmark price for the steelmaking ingredient extended gains, following the Chinese central bank’s move to inject additional liquidity into the banking system.
The People’s Bank of China (PBOC), as expected, boosted medium-term liquidity on Wednesday, with the operation resulting in a net 199 billion yuan ($29.06 billion) of fresh fund injection while keeping the interest rate unchanged.
Markets had hoped the PBOC would pump more cash into the banking system after money conditions became unexpectedly tight at the start of February and to support the economic recovery after Beijing dismantled strict COVID-19 curbs.
Cadence Minerals plc (LON:KDNC) is an early stage investment and development company within the mineral resource sector and is listed as an investment company on the London Stock Exchange AIM market and the Aquis Stock Exchange, also based in London. Cadence owns 30% of the Amapa iron ore project, with our joint venture partner, Indo Sino Pty Ltd, owning the remaining 70%.