Dalian and Singapore iron ore futures rose in a volatile session on Tuesday, as traders focused on improving steel margins in top steel producer China, while weighing prospects of further output cuts.
The most-traded iron ore, for September delivery, on China’s Dalian Commodity Exchange DCIOcv1 ended daytime trade 1.5% higher at 807 yuan ($119.32) a tonne, near Monday’s four-week high of 817.50 yuan.
On the Singapore Exchange, the steelmaking ingredient’s benchmark September contract SZZFU2 climbed 0.7% to $115.50 a tonne, as of 0725 GMT, but off the previous session’s four-week peak of $120.95.
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