Global iron ore prices have rebounded so far this week, with Chinese steel mills leading the charge to replenish their stocks.
Iron ore prices have rallied around 6 percent this week, after finishing the calendar-year down 47-percent to under 67 U.S. dollars a ton.
Inventories at Chinese ports have fallen to their lowest levels in 11 months.
This has reportedly begun prompting Chinese steel mills to buy.
Aside from taking advantage of the ultra-low price, Chinese steel makers are also betting on more robust demand for their products this year.
The enthusiasm is being buoyed by a Chinese government announcement this week that investment into infrastructure projects could total over a trillion dollars this year.
The infrastructure projects, mostly aimed toward transportation, are expected to help absorb some of the overcapacity of steel in China, which has been left over in the sluggish housing market.
Source: english.cri.cn
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