Iron ore rose above $100 a ton on improving sentiment over Chinese economic growth, and as Rio Tinto Group brought forward its timeline for the first shipment from a massive mine in Guinea.

Australia and China should cooperate more closely over green steel, Prime Minister Anthony Albanese said in Shanghai on Monday, even as he called on the world's largest steelmaker to address excess capacity for the metal.

Iron ore held its biggest weekly gain since January, with traders looking ahead to the release of data in China that may show the economy of the world’s biggest metals consuming nation expanded more than 5% in the second quarter.

Australia’s potential to export green metals – made here using abundant, cheap renewable energy – could deliver immeasurable economic benefits and accelerate the global race to net zero. It’s now a step closer.

Iron ore prices have been a model of stability in recent months despite the increasing clouds over the outlook for the key steel raw material.

The deal signed with CIA Siderúrgica Nacional SA is for the delivery of 6 million tons of iron ore over four years.

Markets are so fun sometimes. Iron ore is in all sorts of trouble, but traders love to push a counter-trend rally. The latest MySteel data is still down as expected. Westpac sums it beautifully. Iron

Shared optimism about the technology and a promised increase in jobs and prosperity are a useful counter to rising concerns about Australia’s growth prospects.