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Tianjin benchmark rose 80 cents to $62.30. Paper was strong overnight. Port stocks hit new highs last week at 138.48mt. Texture from Reuters:
But China’s own iron ore output last month rose 3.9 percent from a year ago. Against weakening demand from steel mills, the increase in China’s iron ore production “will only lead to less import appetite, weighing down on seaborne prices,” Argonaut Securities analyst Helen Lau said in a note.
“We remain bearish on iron ore prices.”
