MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Recent Gains Trimmed, Steel Output Increases

IRON ORE

SGX Iron Ore futures trimmed recent gains on Friday as ranges remained relatively narrow.

  • The December contract sits at $129.15/tonne, ~1.6% below Friday's cycle high, however we remain comfortably above November's opening levels and ~35% above August lows.
  • Major Chinese producers increased crude steel output in early November by 2.4% from late October (China Iron and Steel Association). Inventory levels rose 6.67% to 14.7m metric tons in early November.
  • The space was supported last week as China is reportedly planning to provide 1tn Yuan of financing to the nation’s urban village renovation and affordable housing programs (BBG).
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