The benchmark October iron ore on the Singapore Exchange was up 0.7% at $115.75 per metric ton, as of 0700 GMT. It hit a five-month peak of $117.25 on Tuesday, buoyed by China’s policy measures to revive its faltering growth and struggling property sector.
The steelmaking ingredient’s most-traded January contract on China’s Dalian Commodity Exchange ended daytime trade 0.1% higher at 853.50 yuan ($116.80) per ton.
“Current demand for iron ore remains high, and overall macro expectations are relatively optimistic,” Sinosteel Futures analysts said in a note.
Spot prices of iron ore bound for China have also risen further this week, with the benchmark 62%-grade material climbing to $119 per ton on Tuesday, the highest since mid-April, SteelHome consultancy data showed.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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