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Iron ore prices moved higher as strong steel production and rising construction demand supported the market ahead of China’s National Day holidays.
On the Dalian Commodity Exchange, the most-traded January contract rose 0.37% to 808.5 yuan ($113.65) per tonne, while the Singapore benchmark remained steady at $105.7 per tonne. Blast furnace capacity utilization in China reached 90.4%, with daily hot metal output at 2.41 million tonnes.
The uptrend is being driven by active construction activity, restocking ahead of holidays, and a drawdown in inventories. Port stockpiles fell 0.42% week-on-week to 132 million tonnes.
Steel futures also gained in Shanghai, with rebar up 0.85% and hot-rolled coil up 0.54%, signaling stronger downstream demand.
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