Iron ore prices climbed to multi-month highs on Tuesday, with sentiment boosted by upbeat economic data in China and mounting expectations of a flurry of pre-holiday replenishment from steelmakers in the coming weeks.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trading 2.93% higher at 1,002 yuan ($140.58) a metric ton, the highest since August 2021.
The benchmark February iron ore on the Singapore Exchange climbed 2.35% to $142 a ton, as of 0700 GMT, the highest since June 2022.
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.