Iron ore climbs on improving China steel margins

Iron ore futures climbed on Monday (Mar 13), with the Singapore benchmark rising back above US$130 a tonne, as improving profitability of steel mills and demand outlook in top steel producer China lifted sentiment, although regulatory concerns capped gains.

The most-traded May iron ore on China’s Dalian Commodity Exchange ended daytime trade 0.5 per cent higher at US$134.63 a tonne, after posting its fifth consecutive weekly gain on Friday.

On the Singapore Exchange, iron ore’s benchmark April contract was up 2.5 per cent at US$132 a tonne, as of 0730 GMT, hitting its highest since Feb 21.

Alien Metals Ltd (LON:UFO) is a global minerals exploration and development company that will shortly make the transition to iron ore producer. The company was formed from Arian Silver in late 2018, retaining some of the companies more valuable Mexican projects before embarking on an acquisition led strategy, headed up by an excellent geological team and targeted entirely on Western Australia.

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