Iron ore touched its highest in nearly a month as traders bet on a modest improvement for China’s steel market.
Futures in Singapore rose the previous four trading days and are up more than 6 per cent this week due a tick-up in demand and hopes for a stimulus boost at a major Chinese political gathering - known as the Third Plenum.
The steelmaking ingredient is now solidly above $US110 ($A163) a tonne after trading below that threshold for most of June.
Iron ore has rebounded from below $US100 ($A148) a tonne in May, after the government unveiled a rescue package for the key property sector.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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