RIO DE JANEIRO, BRAZIL - Iron ore futures jumped Friday to their highest level in more than 3 weeks as a rebound in steel inventories in China suggested demand for the raw material remained strong.
The most traded iron ore contract on the Dalian Commodity Exchange ended trading up 5.9% to 1,247 yuan (US$195.19) per ton after hitting its highest since May 19 at 1,248 yuan, posting its second consecutive weekly rise.
"Iron ore futures extended gains as sentiment remained supported by signs of strong demand in China," said ANZ senior commodity strategist Daniel Hynes.
Inventories . . .