Iron Ore Bounces Back to Six-Week High on Trade-War Truce Hopes

Iron ore rose as trade tensions eased, spurring optimism across a metals market that has been hit especially hard by global growth worries.

Futures of the steel-making ingredient reached a six-week high, climbing nearly 2%, as the temporary truce in the US-China trade war held and US President Donald Trump said he is trying to open up the Asian country to American businesses. China also said substantial progress had been made in the talks, according to a coordinated joint statement on Monday.

Despite this week’s bounce, the ferrous market — which comprises steel and its raw ingredients — has been ...