BEIJING- Prices of iron ore futures clawed back to hover above the key psychological level of $100 a metric ton on Monday, underpinned by firm near-term demand and revived hopes of further economic stimulus from top consumer China.
The benchmark December iron ore on the Singapore Exchange was up 3.45 percent at $100.05 a ton after falling by more than 5 percent last week.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 2.54 percent higher at 766 yuan ($105.87) a metric ton.
Analysts said near-term demand for the key steelmaking ingredient remained strong, supporting prices.
The average daily hot metal output among steelmakers surveyed was up 0.8 percent week-on-week at 2.36 million tons, as of Nov 15, the highest since early August, data from consultancy Mysteel showed.
Shanghai said on Monday that it would reduce some taxes on real estate transactions, effective from Dec. 1, a move that will support the local property market, according to a state media report.
