Iron ore extended its rally on Tuesday, with the Singapore benchmark hitting its highest in more than three weeks underpinned by policy measures to shore up China’s sputtering economic rebound and signs of rising Chinese demand.
The steelmaking ingredient’s most-active September contract on the Singapore Exchange SZZFU3 climbed as much as 3.4% to $111.05 per metric ton, its strongest level since July 27.
The most-traded January iron ore on China’s Dalian Commodity Exchange DCIOcv1 ended daytime trade 4.5% higher at 805.50 yuan ($110.52) per ton, extending its rally to a ninth straight session.
“The implementation of macro and micro-targeted fiscal and monetary easing policy measures on a municipal and provincial level appears to be back in vogue and picking up momentum,” said Navigate Commodities Managing Director Atilla Widnell.
Widnell cited a report saying China had permitted 12 provinces and regions to issue 1.5 trillion yuan of special financing bonds, which he said may help improve funding for construction and infrastructure projects.
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