Iron ore prices rose on Wednesday as demand in China pushed spot prices of the metal to its highest level in more than a week, despite renewed steelmaking controls in Tangshan city.
According to Fastmarkets MB, prices of 62% grade iron imported into northern China were changing hands at $124.89 per ton in morning trading, up 1.4% from Tuesday's close.
The top-traded May iron ore on China's Dalian Commodity Exchange closed day trading at 694 yuan ($108.94) per tonne, up 2.1 percent, and rose for the second consecutive session. It touched 696.50 yuan earlier in the day, seeing its strongest level since December 27.
The demand for restocking iron ore and steel dwarfed the pollution warning that required steel mills to cease operations in Tangshan city in Hebei province.
China is expected to keep production restrictions in place to ensure fog-free skies as it hosts the 2022 Winter Olympic Games in February, along with some events to take place in Hebei.
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