The steelmaking ingredient’s most-active September contract on the Singapore Exchange climbed as much as 1.2% to $108.75 per metric ton, its strongest level since July 28.
The most-traded January iron ore on China’s Dalian Commodity Exchange ended morning trade 1.5% higher at 782.50 yuan ($107.38) per ton, extending its rally to a ninth session and propelling the contract to its highest since late-July 2021.
“The implementation of macro and micro-targeted fiscal and monetary easing policy measures on a municipal and provincial level appears to be back in vogue and picking up momentum,” said Navigate Commodities managing director Atilla Widnell.
Windell cited a report saying China had permitted 12 provinces and regions to issue 1.5 trillion yuan ($206 billion) of special financing bonds.
