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29.04.202606:38:49UTC+00Iron Ore Climbs to Three-Week High

Iron ore futures climbed toward CNY 790 per ton, hitting a three-week high as the conflict in the Middle East drove up diesel and freight costs, pushing the iron ore cost curve higher. Analysts noted, however, that steel demand is unlikely to improve significantly this year, even though top consumer China has indicated that authorities will systematically address external shocks and bolster energy security. The prolonged slump in China’s construction industry continues to weigh on overall metals demand.

On the supply side, several Chinese steelmakers have been authorized to collect and trade cargoes from BHP Group that had built up at ports during a protracted standoff. These stockpiles were released after China’s state-backed buyer concluded negotiations with the miner, helping to ease logistical bottlenecks.

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