Reportedly, steel and iron ore futures in China climbed higher on Friday. Iron ore was up more than 3%, showing a sign of increasing demand began November. According to China's National Bureau of Statistics that the country's Purchasing Managers' Index grew to 51.4 in October from September's 51.1, reaching the highest since April 2012 and topping market expectations. The data indicates the world's No. 2 economy remains optimistic heading into Q4 despite sluggish trade data earlier, boding well for demand in steel and iron ore. The most traded rebar contract for May delivery on the Shanghai Futures Exchange peaked RMB3, 678/ton, the highest since October 16th.
