Iron Ore Futures Top $100/Ton for First Time Since July

TREE NEWS reports: Iron ore futures in Singapore rose as much as 1.6% to $101.10 per ton, the highest intraday level since July 2, amid short-covering by traders unwinding long-coking-coal/short-iron-ore spreads. Pranay Shukla, S&P Global’s head of dry bulk shipping and commodities research, attributed the rally to buying pressure from these position closures. The price had stayed below the psychologically key $100 level for most of the summer due to weak seasonal steel demand.