On Monday, futures in Singapore rose 3.2% to US$99.30 ($129.33) a tonne by 12.01pm local time. They gained 4.5% last week.
Iron ore extended a rebound with China’s huge inventories of the material continuing to draw down, in a tentative sign that a period of severe oversupply is starting to ease.
Piles of the steelmaking material held at Chinese ports ballooned to well over 150 million tonnes in July, as the country’s steel crunch deepened. But volumes have fallen for the past four weeks, helping iron ore prices to steady after a slump to their lowest since 2022.
