Iron ore futures rose on Friday, buoyed by firmer steel prices and following a r...
MANILA - Iron ore futures rose on Friday, buoyed by firmer steel prices and following a report that anti-smog measures have been lifted in China’s top steelmaking city of Tangshan, which spurred hopes of a pickup in demand for the raw material.
On the Singapore Exchange, the front-month January contract was up 0.2% at $89.75 a tonne in afternoon trade. While mills’ restocking activities may resume ahead of the Spring Festival, or China’s week-long Lunar New Year holiday in late January, iron ore prices may just move in narrow ranges.“We won’t probably see a real recovery in iron ore demand until the second half of February,” the trader said.
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