Iron ore jumped on Thursday, despite renewed government focus on commodity inflation in top steel producer China, as benchmark steel futures in Shanghai stretched gains, lifting prices of steelmaking raw materials, Reuters reports.
The most-traded iron ore for September delivery on China's Dalian Commodity Exchange ended the morning trade 0.9 percent higher at 1,180 yuan (US$184.84) a ton.
July iron ore on the Singapore Exchange rose 1.5% to US$207.90 a ton.
The overall sentiment was positive with spot iron ore prices also extending gains, supported by strong fundamentals, analysts said.
The Standard ChannelThe benchmark 62 percent iron ore traded at US$213 a ton on Wednesday, the highest since May 19, based on SteelHome consultancy data, although buying interest was stronger in lower-grade but cheaper materials as steel profit margins in China have recently narrowed.
