Iron ore futures rose for the third consecutive session, hitting multi-month highs, supported by renewed hopes for a new wave of reforms to curb steel production, along with expectations of further stimulus measures from China, the world’s largest consumer, which boosted market sentiment.
The most-traded iron ore contract for September delivery on China’s Dalian Commodity Exchange rose 1.97 percent to 751 yuan ($104.64) per metric ton by 03:18 GMT, its highest level since April 3.
The benchmark August contract on the Singapore Exchange also rose 1.96 percent to $97.95 per ton by 03:08 GMT, its highest level since May 26.
According to Reuters, citing sources familiar with the matter, the rise in iron ore prices is driven by expectations of regulatory reforms aimed at limiting steel production, which has had a positive impact on investor confidence in the market.
