On China’s Dalian Commodity Exchange, the most-traded January 2023 contract ended daytime trade 2.6% higher at 723 yuan ($107.18) a tonne.
“Fundamentals have improved marginally,” Zhongzhou Futures analysts said in a note, citing a rebound in steel margins that has prompted the restart of some of the idled blast furnaces in top steel producer China.
However, several such facilities remain shut, while those already restarted were not operating at full capacity as the recovery in Chinese steel demand remains slow.
The limited production has resulted in a steady decline in Chinese steel inventories.
(With files from Reuters)
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