The most traded iron ore contract for May delivery on the China Dalian Commodity Exchange (DCE) increased by 2.63% on the day to 957 yuan ($133.04) per metric ton. This is the highest level since January 12 and a weekly increase of 1.3%.
The February benchmark iron ore contract on the Singapore Exchange reached its highest level since Jan 16 at $130.15 per tonne, recording a weekly gain of 2.1%.
Market sentiment was boosted by the Chinese stock market's rebound from nearly five-year lows on Thursday on signs of government support.
In particular, some steelmakers are expected to stockpile raw materials to maintain production during the Lunar New Year holiday in February. This situation stands out as a factor supporting the prices of the basic steel production component.
According to the data, average daily hot metal production among surveyed factories rose to approximately 2.22 million tonnes in the week ending January 19, a weekly increase of 0.51%. Other steelmaking components in DCE also rose; coking coal and coke increased by 1.67% and 1.2% respectively. Steel benchmarks on the Shanghai Futures Exchange also rose.
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