Iron ore gains on improved steel demand

Dalian and Singapore iron ore futures rose on Monday, with investor sentiment buoyed by signs of improvement in downstream demand and expectations of a raft of stimulus policies to be rolled out in the world’s second-largest economy.

Apparent demand for the five major steel products – rebar, wire rod, hot-rolled coil, cold-rolled coil, and medium plate – posted a week-on-week rise of 9% to 10.08 million tonnes in the week as of May 11, according to Reuters calculation based on data from consultancy Mysteel.

The most-traded September iron ore on the Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trading 4.17% higher at a three-week high of 725 yuan ($104.89) a tonne after falling 1.3% last week.

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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