Bloomberg reports Chinese iron-ore prices may rise further as buyers look to build up inventories of the steel-making ingredient.

The market news is quoted as saying,

The price of ore with 62 percent iron content shipped to Tianjin port, southeast of Beijing, has gained 6.2 percent since it last dropped on March 21, according to Steel Business Briefing Commodities Research. China produced 47 percent of the world’s crude steel in January, according to the World Steel Association.

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