Brazil’s basic materials sector led gains on the Ibovespa on Monday, rising 2.15% as iron ore prices climbed on the Dalian Commodity Exchange.
The broader benchmark advanced 0.73% to 172,283 points by mid-afternoon, tracking near 172,439 points for a 0.82% gain. The move reflected support from iron ore, which closed up 1.27% at 716 yuan per ton, equivalent to $106.52, according to exchange data.
China, the world’s largest iron ore importer, maintained its benchmark lending rates unchanged for the 15th consecutive month in August, reinforcing expectations of steady demand for the steelmaking raw material. The dollar traded around 5.1437 reais in foreign-exchange markets.
Among the top movers, Vale (VALE3) rose 3.76% to 77.85 reais, while CSN Mineração (CMIN3) added 0.85% to 5.95 reais. CSN’s steel unit, CSN (CSNA3), surged 6.26% to 5.09 reais. Gerdau (GGBR4) gained 1.63% to 22.51 reais, and Usiminas (USIM5) climbed 6.41% to 6.97 reais.
The gains underscored the sensitivity of Brazil’s mining and steelmakers to iron ore price movements and Chinese policy signals, as the sector remains a key pillar of the local equity benchmark.
