Iron ore is having a strong end to the week.
SHFE Rebar ¥3,679 , 2.39%
DCE Iron Ore ¥484.50 , 3.19%
With less than 30 minutes left to trade, Dalian iron ore futures are up more than 3%, leaving it sitting at the highest level since mid-March.
Helping to explain the move in Dalian, rebar futures in Shanghai are also up close to 2.5%, recouping much of the losses seen earlier in the week.
“Iron ore prices [are lifting] on demand hopes as higher steel prices encouraged steel mills in China to boost output,” says Vivek Dhar, Mining and Energy Commodities Analyst at the Commonwealth Bank.
“Steel prices are being supported by falling steel inventories, which are normalising after peaking at multi year highs in March.”
Metal Bulletin will release its daily Iron Ore Index later this evening in Australia.
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