BEIJING — Iron ore futures climbed on Monday, supported by solid demand and expectations of further property stimulus from top consumer China, although rising inventory levels curbed further gains.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) was up 0.19 percent at 778.5 yuan ($108.39) a metric ton, as of 0230 GMT.
The benchmark September iron ore on the Singapore Exchange climbed 0.44 percent to $102.35 a ton.
Iron ore demand was bolstered by a wave of restocking by steelmakers ahead of mandated production curbs in northern China, aimed at improving air quality for the military parade on September 3 commemorating the end of World War Two.
Average daily hot metal output, a gauge of ore demand, edged 0.1 percent higher week-on-week to 2.41 million tons, as of August 14, data from consultancy Mysteel showed.
