Manila
Chinese steel futures rose on Monday, supported by upbeat data and traders replenishing low stockpiles on expectations of firm demand next year, pulling up prices of raw material iron ore.
Growth in China´s services sector accelerated to a 16-month high in November, a private survey showed.
The survey, along with solid factory activity readings last week, suggest building momentum for China´s economy at the end of a year that saw growth stabilise.
The most-traded May rebar on the Shanghai Futures Exchange was up 1.9 percent at 3,190 yuan a tonne by 0316 GMT.
On the Dalian Commodity Exchange, May iron ore rose 3.5 percent to 601 yuan per tonne. "We have not seen any signs of slowdown in steel production," said a Shanghai-based iron ore trader.
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