Iron ore gains as China pledges package of stimulus polices
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Iron ore futures rose as China announced a stimulus package to boost domestic consumption. The May iron ore contract on the Dalian Commodity Exchange increased by 0.61% to 820 yuan ($117.56) per metric ton. The February iron ore benchmark on the Singapore Exchange also saw a 0.54% rise to $109.05 per ton. Decreased shipments from Australia and Brazil, along with low iron ore inventories at steel mills, supported prices. Other steelmaking materials, including coking coal and coke, also experienced gains.
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