SINGAPORE- Dalian iron ore futures climbed to their highest in more than a month on Friday to end the week higher, as a stronger economic outlook for top consumer China lifted market sentiment.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.14 percent higher at 797.5 yuan ($110.29) a metric ton.
The contract earlier rose as high as 806.5 yuan, strongest since Oct. 14, and added 2.90 percent this week.
The benchmark December iron ore on the Singapore Exchange was 0.94 percent higher at $104.7 a ton, a rise of 3.12 percent for the week.
Earlier in the session, it hit $104.55, highest since Nov. 8.
China’s factory activity likely expanded modestly for a second straight month in November, while its home prices are expected to stabilize in 2026 after slower falls this year and the next, two Reuters’ polls showed.
The polls added to a string of recent data suggesting the blitz of stimulus is finally trickling through and giving Chinese producers the much-needed boost.
Also supporting a firmer outlook for the world’s largest steel industry were expectations of China bracing for the economy’s vulnerabilities ahead of a second Donald Trump presidency. “Chinese steelmakers will boost steel exports ahead of rising global trade tensions,” ANZ analysts said.
