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Iron ore rebounds on rising China steel output, stimulus hopes

From channelnewsasia.com

Iron ore futures rebounded from two-week lows on Thursday, bolstered by rising steel output in top producer China and expectations of higher demand for the steelmaking ingredient ahead of the country's Golden Week holiday. Hopes of more stimulus to shore up China's COVID-hit economy also added to the buoyant mood.The most-traded January iron ore on China's Dalian Commodity Exchange ended daytime trade 3.2 per cent higher at 718 yuan ($101.47) a tonne. On the Singapore Exchange, the benchmark October iron ore contract was up 2.8 per cent at $98.35 a tonne, as of 0827 GMT. China's daily crude steel output recovered ... (full story)

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  • Category: Fundamental Analysis