ASX iron ore stocks gain as global prices rebound
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The news: Metal mining stocks climbed in early trading on the ASX, after global iron ore prices rebounded to near two week highs on Monday.
The numbers: Materials was the best performing sector on the ASX by 12:20pm AEDT, lifting 1.7%.
Iron ore stocks were some of the biggest movers in morning trade, with heavyweights Rio Tinto (3.2%), BHP (2.1%) and Fortescue (1.8%) leading the gains.
Singapore iron ore futures rose 6.15% to $US104.4 ($158.07) a tonne on Monday, the highest level in two weeks, and were last up 0.57% at USD104.85.
The context: The boost for Australia's metal mining stocks comes after global iron ore prices tumbled last week. The recent downturn, compounded by falling Chinese steel output, high inventories and demand concerns, is expected to ease as China's steelmakers restock after the holiday season.
