China’s iron ore futures rose to a one-week high on Friday, buoyed by expectations of improved demand for the steelmaking commodity after the Lunar New Year holiday. This is according to hellenicshippingnews.com.
Chinese iron ore futures up 4,2%
Iron ore on China’s Dalian Commodity Exchange ended the day’s trading 4.2% higher at 1,004.50 yuan ($155.16) per ton, having earlier hit a one-week high of 1,017 yuan.
It gained 1.4% this week after three consecutive weekly losses.
Spot iron ore prices rose to $157 per tonne on Thursday, up from $150 the previous day, data from consultancy SteelHome showed.
Weekly Chinese steel inventory data released Thursday to “select” institutional clients showed stockpile growth far outpacing steelmakers, said Atilla Widnell, managing director at Navigate Commodities in Singapore.
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