SGX iron ore futures rise

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, a major step towards easing its strict COVID-19 containment policy that has curbed industrial activity and domestic demand, and ignited public unrest last month.

The most-traded May iron ore on China’s Dalian Commodity Exchange climbed as much as 2.1% to 838 yuan ($120.45) a tonne, its highest since Dec 16. It ended morning trade up 1.5% at 833 yuan.

On the Singapore Exchange, the steelmaking ingredient’s benchmark January contract rose by as much as 2.7% to $113.50 a tonne, the loftiest since early August.

“(China’s Covid) policy adjustments strengthen expectations for an economic recovery, and that may push prices higher,” Sinosteel Futures analysts said in a note.