MANILA: Iron ore futures rose on Tuesday, with Singapore prices rebounding after two straight sessions of losses, as top steel producer China resumed ramping up output to cash in on increased construction activity during the September-October peak season.
Benchmark October iron ore on the Singapore Exchange climbed 1.5% to a session high of $97 a tonne, while the September contract rose 0.2% to $99.
On China’s Dalian Commodity Exchange, the most-active January iron ore contract rose as much as 1.5% to 721 yuan ($100.61) a tonne. Rebar output among the 137 Chinese steel producers covered in a weekly survey by industry information provider and consultant Mysteel rose 26,700 tonnes, or 0.9%, for Sept. 15-21 to about 3.1 million tonnes from the previous week.
Traders shrugged off data showing profits at China’s industrial firms shrank at a faster pace in January-August amid strict COVID-19 restrictions and a deepening property slump.
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