Iron ore broke above $100 a ton for the first time in seven weeks, advancing as much as 1.6% to $101.10 in Singapore. The rally was driven by traders unwinding bets that favored coking coal, adding support from expectations of pre-holiday restocking in China and high freight costs. Market participants closing long coking coal, short iron ore spreads created significant buying pressure.

Fundamentals also provided support, with optimism building for mills to replenish inventories ahead of China's National Day holidays in October. Beijing's efforts to bolster its financial system, including a 300 billion yuan ($45 billion) injection into largest banks and insurers, aided overall sentiment. Dry-bulk rates touched nearly five-year highs in London.

At 12:45 p.m. local time, iron ore rose 1.1% to $100.60 a ton in Singapore. Dalian Exchange futures advanced 1.3%, while Chinese coking coal contracts eased 3% after a recent rally. Other industrial metals were mixed on the London Metal Exchange, with copper and aluminum edging lower while lead and zinc advanced.