Iron ore prices gained for the third straight session on Monday, rising more than 5% in China, while steel rebar and hot-rolled coils increased amid production controls due to power cuts.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $119.31 a tonne, up 7.2% from Friday’s closing.
Benchmark iron ore futures on the Dalian Commodity Exchange, for January delivery, rose as much as 5.3% to 715 yuan ($110.57) per tonne in morning trade. They closed up 3.5% to 703 yuan a tonne.
Cadence Minerals plc (LON:KDNC) provides mining services. The Company focuses on finding lithium and other technology minerals in new places, as well as offers extracting services.