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Tuesday, March 31, 2020 - 4:33:32 PM
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Mining News Pro - Chinese iron-ore futures picked up in early trade on Tuesday, rising more than 1% on demand hopes after the world`s second-biggest economy reported an unexpected growth in its factory activities in March.
According to Mining News Pro - China`s official Purchasing Managers` Index (PMI) jumped to 52 this month from a record low in February, beating analysts` expectations of 45.0, the National Bureau of Statistics said.
That helped the Dalian Commodity Exchange`s most-traded May iron ore futures contract gain as much as 1.2% to 653 yuan ($92.08) per tonne.
Steel futures on the Shanghai Futures Exchange also clawed back from Monday`s loss, with construction rebar edging down 0.03% to 3 410 yuan per tonne while hot-rolled coil rose 0.5% to 3 273 yuan per tonne, as of 0220 GMT.
But the statistics bureau warned the pick-up in PMI this month does not suggest the economy has returned to normal.
"The companies` production resumption had not yet returned to the level before the coronavirus," the statistics bureau said in a statement along with the data, adding that the spreading epidemic overseas had brought new challenges to the country`s economy.
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