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Iron ore hits 5-month high as China relaxes covid rules

Iron ore forward transaction increased on Tuesday and the Singapore reference price hit a five-month high after largest steelmaker China lifted quarantine rules for visitors, raising investor sentiment.

Iron ore hits 5-month high as China relaxes covid rules

China will stop requiring quarantine of arriving passengers from January 8; This is a big step towards loosening the strict covid-19 containment policy that has limited industrial activity and domestic demand and sparked public unrest last month.

May iron ore, the top traded on China's Dalian Commodity Exchange, finished day trading at 836 yuan ($120.11) per tonne, rising 1.8%. It reached 838 yuan in the early hours of the session, the highest level since December 16.

On the Singapore Exchange Limited, the reference January contract for the steelmaking component increased by rising 3.4 percent to $114.30 per ton, hitting its highest level since late July.

"(China's covid) policy adjustments are strengthening prospects for economic recovery and this could push prices higher," its analysts wrote in a note.

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