China, targeting a growth rate of 5% for the year, is leveraging the central bank's novel credit tools to enhance market liquidity and bolster the industrial domain. Analysts suggest that these initiatives have fostered a positive sentiment across Asian markets.

Dalian iron ore contracts surged alongside Chinese spot market prices. Dalian (DCE) iron ore contracts escalated by 2.35% per tonne, while the December benchmark in Singapore exhibited a 1.88% increase. Concurrently, iron ore spot market prices in China observed a rise ranging from 1.9% to 3.5%.

Furthermore, DCE showcased an upsurge in coking coal and coke prices, marking a growth of 4.13% and 4.6% respectively. Steel benchmarks in Shanghai, encompassing rebar and hot-rolled strip, also posted gains exceeding 3%, mirroring market confidence and an anticipation of amplified industrial demand.

The steel sector in China experienced an upward trajectory, with national average prices for pivotal steel products on the upswing. Notably, rebar (+0.65%), hot-rolled coil (+2.32%), cold-rolled coil (+1.41%), and wire rod (+0.72%) witnessed substantial increases.

Moreover, reports indicate a projected rise in stainless steel prices in Taiwan come November.

China's initiatives to fortify the industry are construed as crucial indicators for global commodity trade and economic trends.

In parallel, Asian stock markets rallied on Monday, with diminished anxieties surrounding the Israel-Iran conflict after Israel's less impactful than anticipated strike. Japanese markets spearheaded this surge, buoyed by political shifts in the nation. Investors are now speculating on a potential slowdown in interest rate hikes by the Bank of Japan in the foreseeable future.