MANILA: Iron ore futures rose more than 3% on Monday, rebounding after last week’s sell-offs, as traders bet the bottom has been reached despite lingering concerns about intensified COVID-19 restrictions in top steel producer China.

The most-traded iron ore, for January delivery, on China’s Dalian Commodity Exchange ended morning trade 3.4% higher at 688 yuan ($99.26) a tonne.

On the Singapore Exchange, the steelmaking ingredient’s most-active October contract rose 3% to $97.35 a tonne. On Friday, Dalian iron ore hit a five-week low of 652 yuan a tonne, while SGX iron ore slumped to a contract low of $92.75 a tonne amid mounting worries about demand as fresh COVID-19 outbreaks prompted China to ramp up restrictions.