Daily iron ore price update (unexpected)

Texture from Reuters:

Steel inventories in China stood at 11.4 million tonnes as of Oct.7, up 594,100 tonnes compared with the week ended Sep. 26 but still the second lowest since late June, according to data from consultancy Mysteel.

“Output curbs have eased after the National Day holiday, which piled pressures to (the) supply side,” Huatai Futures wrote in a note. There is limited room for a rebound as the January contract is seasonally weak, it added.

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