BEIJING- Dalian iron ore futures prices advanced for a third straight session on Tuesday to the highest in nearly two months amid expectations of more economic stimulus and seasonal restocking from steelmakers in top consumer China.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.94 percent higher at 809 yuan ($110.96) a metric ton. Earlier in the session, the contract touched its highest level since Oct. 8 at 813.5 yuan a ton.
The benchmark January iron ore on the Singapore Exchange was unchanged at $104.6 a ton after hitting the highest since Nov. 8 at $105.2 a ton.
Market participants awaited cues on possible more stimulus from the keenly-watched meetings among Beijing’s top leadership, said analysts.
“The upcoming Central Economic Work Conference in December will set the tone for the policy outlook in 2025,” ANZ analysts said in a note. Increasing restocking from steel mills is also supporting prices of the key steelmaking ingredient, analysts at Nanhua Futures said in a note.
