Dalian iron ore futures edged higher on Tuesday, with the benchmark contract hitting a record high, as the steelmaking ingredient tracked buoyant steel prices in China, though regulatory concerns limited gains.
Sentiment was propelled by improved demand prospects as China has entered its peak spring construction season and with more evidence of economic recovery for the world’s top steel producer and iron ore consumer.
The most-traded May iron ore on China’s Dalian Commodity Exchange ended morning trade 0.4% higher at 926 yuan ($134.75) a tonne.
Cadence Minerals plc (LON:KDNC) is an early stage investment and development company within the mineral resource sector and is listed as an investment company on the London Stock Exchange AIM market and the Aquis Stock Exchange, also based in London. Cadence owns 30% of the Amapa iron ore project, with our joint venture partner, Indo Sino Pty Ltd, owning the remaining 70%.