Iron ore rallies amid strong demand in China and a weak dollar against the yuan. The resumption of construction activity in China after a break for the Lunar New Year celebration is driving demand for steel and all raw materials, analysts say.
Investors in the iron ore market await economic data in the coming weeks to show that the world's second largest economy is off to a good start in 2017. Strong growth provides an opportunity for the central bank to slowly tighten monetary policy and contain risks from high debt levels.
The most active traded rebar contracts on the Shanghai Futures Exchange rose 1.1. The market rallied for three straight sessions. Iron ore on the Dalian Commodity Exchange rose 0.9 percent.
The Chinese authorities have taken a number of steps in recent months to contain capital outflows from the country and support a weakening yuan in an effort to attract more foreign investment. The dollar wilted against its peers early Thursday morning and hovered near a 10-week low against the yuan.
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