Benchmark iron ore futures in China rose also today, gaining value on the second day. Iron ore futures rose more than 3% after the spot market surged, although demand is expected to cool due to environmental restrictions. Iron ore for January delivery on the Dalian Commodity Exchange rose 3.5% in the morning to 692 yuan/t ($107.1) in the morning. The contract was traded at 06:30 CEST, up 2.9%.
Spot prices rose $4 to $109/t in China yesterday. However, analysts say that the recovery will not last as iron ore demand is still falling due to production cuts. In Dalian, coking coal fell by 5.4% and coking coal by 6.9%. On the Shanghai Futures Exchange, rebar fell 2.4% to 5,495 yuan/t, and hot rolled coil fell 1.9% to 5,568 yuan/t. stainless steel fell 4.5%.
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