Iron Ore Extends Gain as Traders Eye Steel Cuts for China Parade

Iron ore rose for a second day, as traders focused on expectations that the Chinese government will enforce steel production cuts to curb pollution during next month's military parade in Beijing.

Singapore futures traded near $105 a ton, extending a 1.4% gain in the previous session. The steelmaking material has been lifted by reports that steel mills in northern China have been ordered to limit output to ensure blue skies during the event on Sept. 3. Some coking coal factories also received similar orders to halt production, according to independent trade website, Shanghai Steelhome E-Commerce.