Iron ore spot markets jumped on Friday with all grades recording strong gains for the session.
According to Metal Bulletin, the price for benchmark 62% fines soared 1.6% to $74.12 a tonne, leaving it sitting at the highest level since April 11 this year.
For the week it surged 7.8%, extending its rally from mid-June to 38.9%.
Both higher and lower grades also put in a strong showing for the session.
The price for 58% fines surged by 4.1% to $47.97 a tonne while ore with 65% Fe content rose by a smaller 1%.
The strength across spot markets followed continued gains in Chinese rebar futures earlier in the session.
The October 2017 rebar future traded in Shanghai closed up 3.6% at 3882 yuan per tonne, leaving it sitting at the highest level since August 2013.
That bolstered confidence that strong operating margins and robust demand will continue to encourage steel mills to increase output levels, underpinning iron ore prices as a consequence.
This contributed to the strong gains seen across both spot and futures markets on Friday.
And, as seen in the scoreboard below, that form continued on Friday evening across futures markets.
SHFE Rebar ¥3,948 , 3.00%
DCE Iron Ore ¥591.50 , 3.05%
DCE Coking Coal ¥1,286.00 , -0.27%
DCE Coke ¥2,063.00 , 1.35%
Rebar futures on the Shanghai Futures Exchange hit a fresh four-year peak while Dalian iron ore jumped to the highest level since March 22, extending its surge from mid-June to 43.4%.
Given the scale of the moves recorded on Friday evening, it points to the likelihood that iron ore spot markets will perform strongly today.
Trade in Chinese commodity futures will resume at 11am AEST.
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