BEIJING- China’s iron ore futures rose as much as 4.3 percent in morning trade on Thursday staging a smart recovery from the previous session, underpinned by a large spread with spot cargoes, as demand for the steelmaking ingredient was still strong.
“There have been speculations that other places like Handan city in Hebei will also implement production curbs, but they haven’t,” said a Tangshan-based analyst who refused to be named, adding that iron ore demand is still supported by resilient steel output.
Daily crude steel output at major steel mills in China stood at 2.3 million tons in the first ten days of April, according to the China Iron and Steel Association, up 2.9 percent from end-March and having jumped 16.9 percent on an annual basis. – Reuters
