Daily iron ore price update (reluctant)

Texture from Reuters:

Notwithstanding the pressure from stabilising supply from top exporters Brazil and Australia, iron ore prices should find support as steel margins have improved, analysts at ANZ Research said in a note.

“Steel mills have been reluctant to restock raw materials as margins fell amid a gloomy outlook for steel demand,” they said. “However, margins have started rising again, raising the spectre of some pent up demand coming through the iron ore market.”

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