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Iron ore price continues upward trend

23 May 2024 11:21 reported by Ranny Fang

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Iron ore prices have continued to rise, breaking through the US$122 per ton mark yesterday, reaching their highest level in nearly three months.

This surge has been driven by the macroeconomic policies in China, which have boosted market confidence. At the same time, the overall supply and demand balance in the steel market is not significant, with steel mills actively resuming production and increasing iron production, all contributing to the rise in iron ore prices.

Iron ore prices have risen sharply recently, with a 7.7% increase in five trading days. So far this month, iron ore prices have risen by 5%, narrowing the cumulative decline for the year to 12.9%.

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