Prices of iron ore futures rebounded on Monday after upbeat data in top consumer China renewed hopes for a pick-up in steel demand in coming weeks and as some traders liquidated their short positions.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) recouped lost ground and ended daytime trade 0.9% higher at 803 yuan ($111.56) a metric ton, following an 11% week-on-week drop on Friday.
The benchmark April iron ore on the Singapore Exchange was up 3.7% at $103.65 a ton, as of 0835 GMT.
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.