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Iron ore futures rose toward CNY 740 per ton, approaching five-week highs as elevated freight costs and expectations of pre-holiday restocking in top consumer China supported prices. Shipping costs remained elevated amid strong energy prices as the US and Iran exchanged strikes in the Middle East over the weekend, keeping supply risks high. Investors also anticipated that Chinese steel mills would rebuild iron ore inventories ahead of the National Day holidays in October, while hoping for a seasonal improvement in construction activity this month. Industry data showed average daily hot metal output, a key indicator of iron ore demand, edged higher last week after declining for two consecutive weeks. However, iron ore prices could face resistance as profit margins at Chinese steel mills continue to deteriorate.
