10:26 AM EDT, 10/18/2024 (MT Newswires) -- Iron ore prices rose 0.5% week over week after the Chinese Finance Ministry outlined its plan to increase government bond issuance, RBC Capital Markets noted in a Thursday note.

But RBC also noted that iron ore prices remain rangebound as the market awaits further clarity on the size and form of this stimulus. According to RBC, global steel demand is expected to decrease in 2024 for the third consecutive year due to weak manufacturing and economic growth, with Chinese steel demand expected to drop by 3% this year and another 1% in 2025.

RBC cited CRU in noting met coal prices increased 1.1% week over week on speculative buying, which drove an increase in both the seaborne market and domestically in China, together with increased interest from Chinese buyers for cost-effective Australian materials. RBC said the seasonal demand recovery in India and need for restocking post-monsoon season should start to bring Indian steel manufacturers to market in the coming weeks, which can help support prices.

RBC noted that it has published a review of Labrador Iron Ore Royalty's ( LIFZF ) IOC operating results for the third quarter, with total production and shipments down quarter over quarter and below expectations.

Price: 69.73, Change: +0.04, Percent Change: +0.06