Shanghai steel futures rose to a record for a fifth day in a row on Friday, as index-based spot iron ore prices bolted to all-time highs on tight supplies and strong demand from top buyer China. Chinese steelmakers are boosting production in anticipation of a pickup in demand when construction activities restart in spring after halting, in winter: "People are pushing up prices because the cost of iron ore and coal are increasing and spring is approaching which means the resumption of construction activities in China, "said an iron ore trader in China's eastern Shandong province.
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