Iron ore set for weekly gain on bets of China holiday restocking
Iron ore futures prices are set to end the week higher, driven by expectations of restocking by Chinese steelmakers ahead of the Lunar New Year holiday. The most-traded iron ore contract on China's Dalian Commodity Exchange rose 2% this week, while the benchmark January iron ore on the Singapore Exchange increased by 2.6%. Structural tightness in medium-grade iron ore and anticipated front-running of steel exports also supported prices. However, near-term ore consumption fell, with average daily hot metal output down 1.2% week-on-week.
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