Iron ore and steel futures in China continued to rally on the back of strong demand outlook. Iron ore’s most-active May ’21 contract on DCE reached RMB 1144.5/t, up RMB 71 against last week’s closing. Iron ore’s Jan ’21 contract in Singapore Exchange moved higher by $13.6 to $174.6/t. Benchmark HRC and rebar futures for May delivery surged by as much as RMB 133/t and RMB 144/t d-o-d, respectively.
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