BEIJING: Benchmark iron ore futures in China rose on Thursday, extending gains for a second straight session, driven by restocking demand at smelters and decent profit margins for steel products. The brecorder.com portal reports that.
Steel stocks are replenished ahead of holidays
“(Mills) are currently in the pre-holiday replenishment period, adding that steel profits are good. There is a possibility that they will increase buying amid concerns about transportation restrictions due to the virus,” Sinosteel Futures wrote in a note.
Dalian iron ore futures close 1.6% higher
The most actively traded iron ore futures on the Dalian Commodity Exchange, for May delivery, ended 1.6% higher at 1,055 yuan ($163.09) a ton.
Spot prices were at $171.5 per tonne
Spot prices for 62% iron ore for delivery to China were unchanged at $171.5 per ton on Wednesday, according to consultancy SteelHome.
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