MANILA: Iron ore prices rebounded on Wednesday, with the benchmark contract in Singapore drawing support near $90 per tonne after tumbling to an 11-month low in the previous session on weakening global steel demand.
While worries about a looming global recession and a struggling Chinese economy persist, some support for the steelmaking ingredient has emerged amid lower exports from top suppliers Australia and Brazil this month.
On the Singapore Exchange, benchmark November iron ore was up 1.2% at $89.85 a tonne, as of 0341 GMT.
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