Iron ore futures rise 2.39% on high domestic prices

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Iron ore futures rise 2.39% on high domestic prices

SHANGHAI - DCE iron ore futures saw a notable increase today, appreciating by 2.39%, and settled at 963.5 yuan per metric ton. This rise comes amid a period of high domestic prices which have subsequently dampened the purchasing interest of steel mills due to weak speculative demand.

In today's trading, PBF (Premium Blast Furnace) transactions were recorded at two major Chinese ports; prices reached 1010 yuan per metric ton at Shandong port and 1018 yuan per metric ton at Tangshan port. Despite the uptick in futures prices, the elevated cost of iron ore has influenced purchasing behaviors within the industry.

Additionally, inventory levels at these major ports have seen a significant increase. Over the past week, stockpiles have grown by more than three million tons, bringing the total to 115.1 million tons. This accumulation of inventory could indicate a slowdown in consumption by steel mills, which are likely responding to the pressure of higher raw material costs.

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