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Locomotive hauling iron ore cargo in railway trucks through Saldanha Port before shipping out to China. Stock image.
Futures in Singapore climbed 2% to above $102 a ton after slumping almost 4% in early trading to below $100. Government data published on Sunday showed manufacturing PMI in March snapped a five-month contraction to rise to the highest in a year. Both official and private survey numbers from Caixin beat market expectations.
Disappointment over demand has coincided with a period of relatively abundant supply. Australia, the top shipper, saw a surge in iron ore exports in the week ending March 15 — the most recent for which data is available. Stockpiles held at China’s ports are the largest in more than a year at about 142 million tons.
Iron ore in Singapore traded at $102 a ton by 5:53 p.m., up 1.9%. Dalian iron ore futures closed 3.8% higher after a sharp rebound in the afternoon session. Futures for steel rebar — basic metal rods used in construction — also swung to a gain after earlier slumping to the lowest level in almost four years.
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