Iron ore futures prices rose, driven by strong storage demand from Chinese steel mills, amid good profit margins and low inventories.
During Monday's trading, the September iron ore contract on the Dalian Exchange rose 0.5% to 794 yuan ($110.55) per ton.
On the Singapore Exchange, September iron ore futures rose 1.15% to $103.25 per ton as of 9:06 a.m. Mecca time.
This comes after analysts at ANZ Bank said that high profit margins and low inventory levels prompted Chinese steel mills to boost their inventories, contributing to increased demand for iron ore, according to Reuters
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