Iron ore prices rose on Monday, amid support from increasing billet prices in China over the weekend and a potential easing of restrictions on steelmaking in Tangshan.
Benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were up 4.25%, changing hands for $198.83 a tonne, according to Fastmarkets MB.
Benchmark iron ore on the Dalian Commodity Exchange for September delivery surged 45.3% to 1,106 yuan per tonne.
Chinese rebar and hot-rolled coil futures also jumped after the market recorded heavy losses over the past few weeks following the government’s vow to stabilise commodity prices.
Last month, officials in Tangshan warned its steel mills to maintain market order and safeguard companies’ normal operations.
The local government there said it would look into illegal behaviour including market manipulation and hoarding, and would punish and suspend businesses found guilty.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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