Iron ore, the steelmaking ingredient, has rebounded to trade close to $60 a tonne as Chinese steel prices have rallied into the country’s peak construction season.
Benchmark Australian ore for immediate delivery to China was assessed at $59.90 a tonne on Monday, up $2.40, by the Steel index. Shares in BHP Billiton and Rio Tinto, two of the world’s biggest producers, rose in London.
A pick-up in construction and the property market in China, which normally occurs before the summer, has boosted expectations for steel demand, even as many mills struggle with excess capacity.
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