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Iron ore futures rose on Wednesday, with the Dalian benchmark contract rising more than 5 percent after a three-session slump, as worries over supply boosted prices of the raw material.
The most-traded September iron ore on China’s Dalian Commodity Exchange rose as much as 5.4 percent to 1,191.50 yuan ($186.33) a ton.
July iron ore on the Singapore Exchange advanced 2.6 percent to $205.90 a ton, the highest since May 19.
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Concerns over iron ore supply to top steel producer China also buoyed spot prices, with the benchmark 62 percent material rising to $209 a ton on Tuesday, the strongest since May 19, based on SteelHome consultancy data. — Reuters
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