By Reuters
SINGAPORE: Iron ore futures climbed on Wednesday, buoyed by strengthening ties between top producer Australia and leading consumer China, though gains were capped by concerns over persistent weakness in China鈥檚 property sector.
The most-traded September iron ore contract on China鈥檚 Dalian Commodity Exchange (DCE) traded 1.11% higher at 773.5 yuan ($107.71) a metric ton, as of 0303 GMT.
The benchmark August iron ore on the Singapore Exchange was 0.84% higher at $99.75 a ton.
After a meeting in Beijing, Australian Prime Minister Anthony Albanese and Chinese President Xi Jinping agreed to a new Policy Dialogue on Steel Decarbonisation that would give Australia insight into Chinese government planning.
Albanese also said a decade-old free trade agreement with China, Australia鈥檚 largest trade partner, would be reviewed.
With Australia鈥檚 exports to China dominated by iron ore, Albanese travelled with executives from mining giants Rio Tinto , BHP, and Fortescue, who met Chinese steel industry officials on