SINGAPORE: After what’s been a tough quarter, iron ore’s getting a small reprieve. Futures clawed their way back above US$60 a tonne and spot prices have rebounded from a one-year low as steel output holds up in China, buoying demand for the material even as its supply rises.
The SGX AsiaClear contract rallied as much as 3.1% to US$61.43 a tonne, the highest in five weeks, while futures on the Dalian Commodity Exchange held gains. On Tuesday, benchmark spot ore with 62% delivered to Qingdao surged 5.2% to US$59.70 a dry tonne, according to Metal Bulletin Ltd. Miners shares advanced, including BHP Billiton Ltd and Rio Tinto Group.
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