Market participants attributed the increase mainly to Chinese President Xi Jinping urging businesses to slowly return to work after an extended break for the Chinese New Year and a stimulus by the country’s central bank this week.
The most-traded May iron ore contract on the Dalian Commodity Exchange breached 600 yuan ($86) per tonne on Tuesday morning to end the early session at 608.50 yuan per tonne, up 4.5% from its opening price. The contract went on to end the day at 605.50 yuan per tonne, up by 24 yuan per tonne - or 4.1% - from Monday’s closing price.
Xi called for greater efforts to minimize the impact of the novel coronavirus epidemic on the economy and “reach the goals and tasks of economic development this year.”
He urged companies to restart their operations gradually and called for financial and other forms of support to...