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Iron ore edges up as steel price optimism outweighs softer hot metal output
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Iron ore futures rose slightly on Wednesday, driven by optimism over stronger steel prices despite a decline in hot metal output. The January iron ore contract on China's Dalian Commodity Exchange increased by 0.06% to 801.5 yuan per metric ton, while the Singapore Exchange saw a 0.1% rise to $104 per ton. Analysts expect Chinese steel prices to rise in December due to improved macroeconomic conditions and market recovery, although hot metal production is declining due to environmental inspections.
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