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BEIJING- Chinese iron ore futures gained for the third straight session on Monday, rising more than 5 percent to revisit above a key 700-yuan level, while steel rebar and hot-rolled coils increased amid production controls due to power cuts.
Benchmark iron ore futures on the Dalian Commodity Exchange, for January delivery, rose as much as 5.3 percent to 715 yuan ($110.57) per ton in morning trade. They were up 2.8 percent at 698 yuan a ton.
Singapore iron ore futures increased 1.4 percent to $120 per ton.
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Spot prices of 62 percent iron ore for delivery to China rose $1 to $113 a ton on Friday, according to SteelHome consultancy.
