Overview

• Iron ore futures climbed past $100 per ton on Monday after Premier Li Qiang inaugurated construction of the Yarlung Tsangpo dam in Tibet.
• Steel, copper, aluminium and zinc prices also rose across Singapore, Shanghai and London markets on renewed infrastructure demand hopes.
• Rio Tinto plans to ship 0.5 to 1 million tons from its Simandou mine in Guinea this November while BHP reported a record 290 million tons of annual iron ore output.
• Chinese officials and the China Iron and Steel Association have announced measures to rein in excess competition and curb steel overcapacity.
• Analysts from Citi and elsewhere warn that current prices exceed market fundamentals and could prove unsustainable if supply outpaces demand.