Iron Ore Gains as Steel Mill Output Improves

Iron ore futures climbed above CNY 680 per ton, recovering from four-year lows amid signs of strengthening demand in top consumer China.

Industry data showed that China’s average daily hot metal output, a key indicator of iron ore demand, increased by 3,700 tons to 2.36 million tons, marking a second consecutive weekly gain as blast furnaces resumed operations following maintenance.

The operating rate of blast furnaces across surveyed mills also rose by 0.14 percentage points week-on-week to 87.3% as of October 28.

Meanwhile, freight rates on both Australia-China and Brazil-China routes continued to rise, providing further support for iron ore prices.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →