Iron Ore Advances After Record China Imports Boost Demand Hopes
- Steelmaking material gains for a fourth day in Singapore
- Chinese steel exports last year climbed to highest since 2015
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Iron ore surged back above the $100-a-ton threshold after data showed China’s annual imports of the steel-making ingredient reached a record and its trade surplus soared.
Futures gained for the fourth day in Singapore, and were up more than 4% since Thursday’s close. Prices have rebounded from a rocky start to the year, when traders were cautious about demand in China and awaited further stimulus, which was signaled by Beijing last week.