Iron ore futures in Dalian and Singapore climbed on Monday to their highest levels since May 23, extending a relief rally spurred by easing COVID-19 curbs in top steel producer China and government efforts to shore up the battered domestic economy.
On the Singapore Exchange, the steelmaking ingredient's most-active June contract rose 1.5 per cent to $135 a tonne by 0702 GMT. It hit a one-week high of $135.30 earlier in the session. From a March 7 peak of $163 a tonne, the spot price of benchmark 62 per cent-grade iron ore bound for China has fallen to $133.50, as of Friday, SteelHome consultancy data showed.
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