The most-traded September iron ore contract on China’s Dalian Commodity Exchange ended daytime trade 3.19% higher at 791.5 yuan a metric ton, the highest since Mar. 26.
The Singapore benchmark had dropped by 1% during April 4-5 trade when Chinese markets were closed for a public holiday after Beijing said last Wednesday that it would continue to manage crude steel output in 2024. Average daily hot metal output among Chinese steelmakers surveyed climbed by 1% from the previous session to about 2.24 million tons, as of April 3, the highest since late-February, data from consultancy Mysteel showed.
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