Dalian iron ore rebounds

Chinese iron ore futures rose on Monday, supported by supply concerns and shrinking portside inventories of the steelmaking ingredient, while the easing of some Covid-19 curbs in the world's top steel producer also lifted trader sentiment, reports Reuters.

The most-traded September iron ore contract on China's Dalian Commodity Exchange ended daytime trade 3.9 per cent higher at 834.50 yuan ($122.80) a tonne, after posting its biggest weekly loss in nearly three months on Friday.

On the Singapore Exchange, the most-active June contract climbed 1.3 per cent to $128.60 a tonne by 0315 GMT.

"Falling Australian and Brazilian iron ore shipments and arrivals into China week-on-week should provide modest support for fragile sentiment," said Atilla Widnell, managing director at Navigate Commodities in Singapore.

Iron ore and other steelmaking inputs were also supported following reports that Shanghai will gradually reopen for business following weeks of lockdowns, Widnell said.