Iron ore climbs as outlook offset stockpile woes

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    Benchmark iron ore futures rose on Monday, as upbeat demand outlook for the steelmaking ingredient in China offset concerns over data showing a steady rise in the country’s portside stockpiles.

    Iron ore’s most-active January 2021 contract on the Dalian Commodity Exchange ended the morning session up 2.1 percent at 845.50 yuan ($123.80) a ton.

    Iron ore’s front-month October contract on the Singapore Exchange rose 1 percent to $124.60 a ton.

    “Iron ore supply-demand balance remains tight, despite being eased somewhat,” said Richard Lu, senior analyst with consultancy CRU in Beijing.