Iron ore futures rose for a second straight session on Thursday, underpinned by heightened expectations of growing demand in top consumer China on the back of improved downstream demand and steel margins.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 3.07% higher at 874 yuan ($120.75) a metric ton, refreshing a more than one-month high achieved on Wednesday with a rise of more than 4%.
The benchmark May iron ore on the Singapore Exchange was 0.52% higher at $116.45 a ton as of 0718 GMT, the highest since Mar. 8, following an increase of more than 5% a day before.
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.