Iron ore rangebound as rising supply offsets firm near-term demand | Metals Mine

  • Iron ore rangebound as rising supply offsets firm near-term demand

    From brecorder.com

    Iron ore prices were rangebound on Wednesday as growing supply offset solid near-term demand for the steelmaking ingredient. The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) dipped 0.38% to 777.5 yuan ($108.70) a metric ton as of 0237 GMT. The benchmark September iron ore on the Singapore Exchange rose 0.26% to $102.6 a ton as of 0227 GMT. Healthy steel margins drove daily hot metal output to hover around 2.4 million tons, generating firm demand for raw materials, including iron ore, and preventing a price slump. Meanwhile, supply of the key steelmaking ingredient is seen ... (full story)

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