Iron ore futures rose, but remained stuck in a tight trading range as restocking demand pushed spot prices in China to the highest in more than a week despite renewed steel production controls in Tangshan city.
Top-traded iron ore for May delivery on China's Dalian Commodity Exchange rose 0.5% to 683 yuan ($107.19) per ton, after hitting 696.50 yuan, its strongest level since Dec. 27. rose.
Steelmaking material's most active February contract on the Singapore Exchange remained almost flat at $122.30 per tonne.
The spot price of Australian origin 62% grade iron ore rose to $123.50 per ton, the highest level since December 27, according to SteelHome advisory data.
On the Shanghai Futures Exchange, rebar rose 1.7%, while hot rolled coil rose 2.1%. Stainless steel rose 0.6%.
Spot rebar prices jumped to the highest level in more than two weeks on Tuesday as end users picked up some tonnage for replenishment needs, Mysteel consultancy reported.
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