Iron ore and steel traded around a four-month high, as China’s plan for a mega dam in Tibet bolstered the outlook for demand while Beijing’s efforts to rein in overcapacity lifted sentiment.
The steel-making ingredient in Singapore climbed to around $104 a ton following a run of four weekly gains, and briefly touched the highest level since February. Futures for reinforcement bar in Shanghai surged to the highest level since March. On the London Metal Exchange, copper advanced.
