The steelmaking ingredient has rebounded from October lows, as the lifting of the zero-COVID policy and supportive measures for the struggling property sector in China brightened economic recovery and steel demand prospects for the world’s biggest iron ore consumer. Expectations of improved Chinese demand particularly for construction steel during the spring season and declining iron ore portside inventory also boosted prices.
But global economic uncertainties and production restrictions at home, along with Chinese regulators’ warnings against excessive price speculation, curbed gains.
The most-traded May iron ore on China’s Dalian Commodity Exchange ended morning trade 1.3% higher at 908 yuan ($132.46) a tonne, with a quarterly gain of more than 6%. On the Singapore Exchange, benchmark May iron ore edged up 0.1% to $125.50 a tonne, and stretching its quarterly gain to more than 10%.
