Iron ore rises on strong Chinese trade data
SINGAPORE (Reuters) - Iron ore futures rose on Monday, boosted by strong Chinese trade data, though gains were limited by production curbs in key steelmaking regions of the world's second-largest economy.
The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended trading 0.26% higher at 766.5 yuan ($106.92) a tonne.
Benchmark August iron ore on the Singapore Exchange rose 0.37% to $99.65 a tonne.
Iron ore prices were boosted by macroeconomic news that is stimulating demand, brokerage Everbright Futures said.
In June, China's iron ore imports rose 8% from the previous month, as some miners increased shipments to meet quarterly targets following a first-quarter slump caused by cyclones in key supplier Australia.
Stronger-than-expected steel demand also boosted appetite for iron ore.
China's exports gained momentum in June, while imports rebounded, as exporters accelerated shipments to take advantage of a fragile tariff truce between Beijing and Washington ahead of the August deadline.
Australian Prime Minister Anthony Albanese affirmed his commitment on Monday to work with China to combat global steel overcapacity and promote a sustainable, market-oriented industry.
Source: Notícias Agrícolas
