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Chinese Iron Ore Futures market shows uptrend ahead of the Labor Day holiday

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SHANGHAI (Scrap Register): Chinese iron ore futures market surged upwards ahead of the Labor Day holiday: the most active SHFE rebar futures contract gained 2.91%, while DCE iron ore futures rose to their limit (+5.96%). Activity in the iron ore spot market picked up in the late Friday afternoon, said The Steel Index.

An Australian miner sold 61% Fe PB Fines on COREX at 64.7 while later the miner sold a larger shipment of 62% Fe same brand fines on globalORE at 65.8.

A Brazilian miner sold 65% Fe IOCJ fines at 74.15 on the same platform. Another Australian miner sold 57.3% Fe fines via private negotiation at a price higher than 55.6.

On COREX, 80kt 62.7% Fe Newman fines traded at 66.5. In China, port stock prices rose around RMB 10/wmt on thin trade. Spot billet prices in Tangshan rose RMB 40/t, whilst spot rebar prices in Beijing lost RMB 5/t.

All prices quoted on a US$/dmt CFR China port basis unless otherwise stated.

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