Iron ore hits 1-month high as China stock rally lifts sentiment

Iron ore climbed for a second day on Thursday, with the leading Dalian contract reaching 692 yuan a metric ton at its peak, its highest level since October 8. Business Recorder reported that it later stood 1.55% higher at 689.5 yuan, equivalent to $103.33, while Singapore’s December benchmark rose 0.87% to $92.65 after touching $92.9, a level not seen since October 1.

A rebound in Chinese equities helped lift sentiment across commodities, according to analysts cited in the report. Better steel margins have also raised expectations of stronger hot metal production, which would require more iron ore; meanwhile, coking coal and coke gained 2.49% and 1.92%. On the Shanghai Futures Exchange, rebar advanced 1.03%, hot-rolled coil added 1.11% and stainless steel rose 2.59%, while safety checks kept many mines in Shanxi closed after a fatal accident in May.