China's iron ore futures started the year with an increase on the back of China's optimistic economic data and the expectation that producers would stock up.
The most traded May iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 was up 2.93% in daytime trading, at 1,002 yuan ($140.58) per metric ton, the most since August 2021. finished at a high level. Additionally, coking coal DJMcv1 increased by 2.44% and coke DCJcv1 increased by 2.46%.
February reference iron ore SZZFG4 on the Singapore Exchange increased by 2.35% to $142 per ton as of 07:00 GMT. This marked the highest level since June 2022.
The Shanghai Futures Exchange also increased overall. Rebar SRBcv1 increased by 1.23%, hot rolled coil SHHCcv1 increased by 0.88% and wire rod SWRcv1 increased by 4.06%.
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