China’s lockdowns are showing some sign of easing, firing up the iron ore market.
Iron ore prices lifted above US$137/t overnight and futures are again in positive territory as China tries to catch up on its economic growth targets.
“There are already signs steel producers are preparing for a rebound in demand,” ANZ Research’s Felicity Emmett said in a note.
“In the steel making hub of Tangshan, blast furnace usage is rising. Utilisation rates are on course for a third monthly increase with operations holding steady.
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