Iron ore futures saw a slight increase on Thursday, driven by optimistic investor sentiment as the Chinese economy continues to recover and inventory levels remain low. However, gains were limited due to steel production falling below expectations. The positive outlook for the Chinese economy is boosting confidence in the demand for iron ore, which is a key ingredient in steel production. Additionally, the low inventory data suggests that there may be a potential supply shortage in the future, further supporting iron ore prices. Despite these positive factors, the gains were restrained by lower-than-expected steel output, which could limit the immediate need for iron ore.
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