Iron ore at 2-mth high, but Chinese buying interest waning

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SummaryIron ore at 2-mth high, but Chinese buying interest waning Spot iron ore prices edged up to two-month highs backed by Chinese steel mills replenishing raw material inventories, although the pace of restocking may have slowed, suggesting a two-week rally may soon end

Iron ore at 2-mth high, but Chinese buying interest waning

Spot iron ore prices edged up to two-month highs backed by Chinese steel mills replenishing raw material inventories, although the pace of restocking may have slowed, suggesting a two-week rally may soon end. Offers for imported iron ore cargoes in China, the world’s biggest importer of the commodity, remained firm on Tuesday but traders said buyers were scarce after a bout of spot purchases lifted prices by almost 9% since the start of July. Ore with 62% iron content gained 10 cents to $126.90 a tonne on Monday, the highest since May 14.

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