Iron ore futures rose on Tuesday, with Singapore prices rebounding after two straight sessions of losses, as top steel producer China resumed ramping up output to cash in on increased construction activity during the September-October peak season.
Rebar output among the 137 Chinese steel producers covered in a weekly survey by industry information provider and consultant Mysteel rose 26,700 tonnes, or 0.9%, for Sept. 15-21 to about 3.1 million tonnes from the previous week. Tuesday’s market gains indicated that the market has not given up hopes that the recovery in Chinese steel production and demand would be sustained throughout September and October.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: