Market sources said that higher steel prices as a result of lower steel inventories were another supporting factor for stronger iron ore demand.
The spot price of square billet in Tangshan was at Yuan 3,300/mt ($480.74/mt) ex-stock Tangshan Friday, up Yuan 20/mt from Thursday.
Stronger end-user demand was limited to mainstream Australian fines and discounted products, as lowering production costs is still a priority for end-users.
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