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PrintChinese mills stepped up buying during November despite lull in finished market. Spot iron ore price levels have gained healthy 3% in November after hitting low point in October.
Currently spot iron ore Fe 63.5/63% is offered at USD 136 per tonne which had dipped to a low of USD 132 just before the National Holiday in China (1st week October) .
Despite expected relapse in production with approaching winter and stolid market for finished steel the uncanny interest in iron ore buying primarily hinges on re-stocking before the winter holiday. Crude steel production picked up by 2.2% to 2.144 million tonnes in the first ten days of November it did not draw away from an imminent winter hiatus.
Finished steel market remained inactive with rebar for May delivery on the Shanghai Futures Exchange closed nearly flat at 3,670 yuan (USD 602 per tonne) per tonne on Friday.
However it might be the last spark before the winter draws in dousing the residual enthusiasm.
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