China's "new infrastructure" construction plan, particularly charging piles for new energy vehicles, 5G base stations, ultrahigh voltage power and intercity high-speed railways, may boost demand for metals like copper and cobalt, industry experts said.

Companhia Siderúrgica Nacional announced that CSN Mineração SA signed on this date a new long-term iron ore supply contract with the Swiss trading company Glencore International AG.

Iran during the first quarter of the current Iranian year, March 20-June 20, to register a year on year decline of 2%.

Iron ore prices are expected to soften from current high levels in the July-September quarter.

Analysts said the country should ramp up its efforts to revitalize domestic demand to sustain the improvement in industrial earnings amid mounting uncertainties.

Miner BHP and China Baowu Steel Group, the world's largest steel producer, have completed a first iron ore trade on MineHub.

Lower-grade iron ore contract prices will narrow or erase discounts in July, as spot differentials have gained further support from supply disruptions, product upgrades and margin pressures.

Iron ore futures open higher.