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Iron ore prices hold up on near-term China demand outlook

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Update time : 2023-09-07 14:58:07

The benchmark October iron ore on the Singapore Exchange was up 0.7% at $115.75 per metric ton, as of 0700 GMT. It hit a five-month peak of $117.25 on Tuesday, buoyed by China’s policy measures to revive its faltering growth and struggling property sector.

The steelmaking ingredient’s most-traded January contract on China’s Dalian Commodity Exchange ended daytime trade 0.1% higher at 853.50 yuan ($116.80) per ton.

“Current demand for iron ore remains high, and overall macro expectations are relatively optimistic,” Sinosteel Futures analysts said in a note.

Spot prices of iron ore bound for China have also risen further this week, with the benchmark 62%-grade material climbing to $119 per ton on Tuesday, the highest since mid-April, SteelHome consultancy data showed.

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