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Iron Ore Lifts Strongly After Chinese Holiday

METALS

CBA says: "Iron ore prices rose on restocking demand after the National Day holidays (October 1‑7) in China. Steel output is reportedly set to increase in October in some parts of China, like Tangshan, Jiangsu, Zhejiang and Anhui, after these regions exceeded steel production cuts in September. The impacted mills may see November output either match or exceed October levels. Coking coal prices delivered to China edged higher on Friday to fresh record highs of $US605/t (CFR China). Prices increased due to limited seaborne cargoes and domestic supply disruptions in the Chinese province of Shanxi. On October 8, 60 coal mines in the province were closed due to severe wet weather and flooding. The number of mines that were closed had increased from 27 on October 5. The severe weather had also impacted transportation and logistics, with reports that both rail and trucking activity in Shanxi had been adversely effected."

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