Iron ore price jumps to seven-week high on China steel demand hopes

Iron ore’s most-traded May contract on China’s Dalian Commodity Exchange ended daytime trade 1.9% higher at 676.50 yuan ($106.21) a tonne, after earlier touching 696.50 yuan, its strongest since October 28.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $119.60 a tonne during afternoon trading, up 2.6% compared to Thursday’s closing.

Source: Fastmarkets

In general, commodity markets were normalizing after seeing wild moves triggered by power shortages and shifting regulatory policies in China, according to ANZ commodity strategists.

“For the steel market, in particular, the stabilising construction activity in China also helped lift the overall mood. This supports steel demand, though the backdrop remains challenging for iron ore until February 2022.”

(With files from Reuters)

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