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Reuters reported spot iron ore is in its longest rally since November on increased demand for the raw metal in China.
Reuters reported spot iron ore is in its longest rally since November on increased demand for the raw metal in China.
As quoted in the market news:
The rally in iron ore comes as prices of other commodities from oil to copper are falling in the face of weaker demand as the global economy slows.
China’s daily crude steel output stayed near record highs in early June, based on the latest industry estimate, suggesting producers may continue to replenish iron ore stockpiles.