Iron ore prices jumped more than 10 per cent in Asia trading on Monday on growing expectations that the global economic recovery from the Covid-19 pandemic would extend beyond China and buoy commodities markets.
Futures prices for iron ore in Singapore rose to more than $226 a tonne, a record in dollar terms. In Dalian, China’s main commodities trading hub, the price of the most active futures contract was also up 10 per cent.
The price rise followed a run of recent highs for the steelmaking ingredient, which alongside other raw materials has been supported by strong demand from a rapidly recovering Chinese economy, and is also expected to benefit from government support measures around the world.
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