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Iron ore futures prices extended their rise to hit the highest level in multiple weeks on Monday, bolstered by an obvious reduction in shipments and hopes that top consumer China will roll out more stimulus to prop up its economy.
Dalian iron ore rose for a sixth straight trading session, while the Singapore contract rose for a third straight session. Also, new-bank lending in China rose less than expected in March from the previous month, while broad credit growth hit a record low and property woes lingered. “Given the remaining high steel stocks, a further increase in hot metal output might not be conducive to the sustainability of a price rebound,” analysts at First Futures said in a note.
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