The most active Chinese iron ore futures for May delivery recovered Tuesday by 1.5% to 480 yuan, or $77, after briefly touching 482 yuan, its highest point since January 23, on the Dalian Commodity Exchange, according to Reuters.
Iron ore futures were on pace for their second-largest gain this year, and traders said some steel mills in the world's most populous nation had returned to the market on speculation that iron ore prices had bottomed, Reuters reported.
Y
ARI Price at posting:
20.5¢ Sentiment: Buy Disclosure: Held