Iron ore futures surged more than 7% in China on Monday, extending a recent rally sparked by hopes of an economic rebound in top steel producer China.
According to Reuters, the most-traded iron ore for September delivery (SCO:COM) on China's Dalian Commodity Exchange ended daytime trading +7.1% at 711 yuan/metric ton ($105.27) after earlier reaching 723.50 yuan, its best level since July 14.
The front-month August contract on the Singapore Exchange was +2.2% at $105.40/ton, following its first weekly gain in three weeks.
State-run media said China pledged to make "great efforts" to consolidate its economic recovery in Q3 by stabilizing employment and prices.
China reportedly is considering the creation of a real estate fund that could be worth up to 300B yuan to support several property developers.
China's weak economic growth in Q2 had sent iron ore futures tumbling below $100/metric ton earlier this month.