Dalian iron ore rises on restocking demand ahead of Lunar New Year
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Dalian iron ore futures rose 0.24% to 823.5 yuan ($118.06) due to restocking demand from steelmakers in China ahead of the Lunar New Year. Despite a decrease in global shipments from Australia and Brazil, total arrivals in China increased by 1.903 million tons. However, inventories remain lower than previous years, indicating potential for growth. While strong demand supports prices, high port inventory may limit further increases. Other steelmaking materials showed mixed results, with rebar and hot-rolled coil prices rising, while wire rod prices fell.
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