China reopens after a week long holiday. Iron ore and steel futuers have gained momentum in the morning trade. With LME billet prices also moving up to $454/MT.
Today is the first day of Chinese back to market after National Holiday. On back of the supply shortage from India, iron ore physical price remained solid.
The shanghai steel future rallied this morning with Oct .contract trading at 4291rmb, up by almost 1.5%
International market seems to be moving up but it is too early to say if this moment remains to be positive.
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