Iron ore prices surged on Thursday February 18 on support from strong steel prices and positive sentiment regarding steel inventory, sources told Fastmarkets. The most-traded May iron ore futures contract on the Dalian Commodity Exchange (DCE) opened high on the first trading day after the Chinese New Year holiday and maintained at an intra-day high, ending up by 5.6% from last Wednesday’s closing price of 1,071.50 yuan ($166) per tonne.
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