Iron ore price rises on pre-holiday restocking, China stimulus hopes
"Winter restocking of iron ore among steel mills is still underway, so we believe ore prices will find some support in the near term," analyst says.
An ongoing “illegal blockade” at ArcelorMittal’s western Mexico site since the end of May has now held up an estimated 300,000 metric tons of steel, the company told Reuters on Monday.
Mexico’s steel chamber said in a statement that the work stoppage had a ripple effect throughout the region, as well as on supply chains in Mexico and the United States.
(By Raul Cortes; Editing by Sarah Morland)
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