Iron ore futures climbed on Monday to their peaks in more than one week, extending a rally spurred by hopes of an economic rebound for top steel producer and consumer China in the third quarter, and support for the country’s troubled property sector.
The most-traded iron ore, for September delivery, on China’s Dalian Commodity Exchange rose as much as 9 percent to hit 723.50 yuan ($107.09) a ton, its strongest level since July 14.
Iron ore’s front-month August contract on the Singapore Exchange advanced by up to 4.1 percent to $107.35 a ton, also the highest since July 14. It lodged its first weekly gain in three weeks on Friday.
Dalian coking coal rose 5.5 percent and coke was up 4.8 percent
China will make “great efforts” to consolidate its economic recovery particularly in the crucial third quarter, putting a priority on stabilizing employment and prices, state media reported on Friday after a regular cabinet meeting.
