Benchmark iron ore futures in China surged 3% on Tuesday, extending gains for three straight sessions, buoyed by the robust worldwide demand and falling shipments from major miners.
On the Dalian Commodity Exchange, the most actively traded iron ore futures for September delivery surged 3.4% to 1,024 yuan ($156.39) per tonne. The contract was up 2.6% to 1,016 yuan a tonne as of 0330 GMT.
Meanwhile, spot prices for 62% iron ore for delivery to China remained unchanged at $172 a tonne compared to the previous session on Monday.
Other steelmaking raw materials
The most actively traded May contract of Dalian coking coal slipped 0.3% to 1,583 yuan a tonne, while coke advanced 2.7% to 2,424 yuan per tonne.
On the Shanghai Futures Exchange, steel rebar for October delivery, surged by 2.4% to 5,116 yuan per tonne while hot rolled coils futures increased 2.0% to 5,395 yuan a tonne.
Shanghai stainless steel futures for June delivery slipped 3.0% to 13,925 yuan a tonne tracking falling nickel prices.