Iron ore continued its post-Golden Week rally on Tuesday.
According to Metal Bulletin, the spot price for benchmark 62% fines jumped by 1.82% to $57.68 a tonne, leaving it sitting at the highest level seen since September 9.
It has now jumped 3.26% since Chinese markets resumed from Golden Week Holidays, extending the gain in 2016 to 32.6%.
Analysts at Metal Bulletin note that increased activity was seen across both physical and futures markets.
Suggesting that the rally may extend into a third consecutive session, Chinese iron ore futures continued to push higher in overnight trade.
The January 2017 contract on the Dalian Commodities Exchange last traded at 420.5 yuan, up 0.96% for the session. Trade in Dalian will resume from midday AEDT.
Though it’s unlikely to have driven the bullish price action seen in recent days, the move coincided with the release of a bullish report from the World Steel Association on Tuesday with the group predicting that global steel demand will increase by 0.2% to 1.501 billion tonnes in 2016 before growing to 1.51 billion tonnes in 2017.
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