Iron ore futures prices extended gains to a second straight session on Tuesday, underpinned by mounting hopes of improving demand for the key steelmaking ingredient in top consumer China in the coming weeks.
The most-traded September iron ore on China’s Dalian Commodity Exchange (DCE) ended daytime trade up 5.63% at 815.5 yuan ($112.73) per metric ton, its highest level since March 25, following a rise of more than 3% on Monday.
The benchmark May iron ore on the Singapore Exchange was 3.54% higher at $107.95 a ton, as of 0700 GMT, its highest level since March 26, after rising over 6% in the previous session.
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.