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For the duration of January 30 - February 6, 2024, May futures for iron ore, the most traded on the Dalian Commodity Exchange, jumped by 0.6% compared to the previous week – to 941 yuan/t ($131.07/t).
On the Singapore Exchange, quotations of basic March futures as of February 6, 2024, climbed by 1% compared to the price a week earlier – up to $125.05/t.
In January 2024, iron ore futures on the Dalian Commodity Exchange declined by 3.2% compared to prices at the end of December, and on the Singapore Exchange by 5.5% – to $133.74/t and $129.7/t, respectively.
Thus, the prices for raw materials dropped month-on-month for the first time in the last 4 months. This indicates that prices may reach a peak in December under current market conditions.
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