Iron Ore Climbs to Three-Week High as Global Shipments Decline

Iron ore futures rose to their highest in three weeks after data showed a decline in shipments from the world’s biggest miners of the steelmaking raw material.

Iron ore traded at around $106 a ton in Singapore on Tuesday. Shipments from Australia and Brazil dropped by a combined 2.7 million tons last week versus the previous seven-day period, according to the latest statistics from consultancy firm Mysteel.