SINGAPORE: Dalian iron ore futures climbed to their highest in more than a month on Friday and were set to gain for the week, 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 morning trade 1.65% higher at 801.5 yuan ($110.80) a metric ton.
The contract earlier rose as high as 806.5 yuan, its strongest since Oct. 14, and has added 3.42% so far this week. The benchmark December iron ore on the Singapore Exchange was 1.52% higher at $105.3 a ton, a rise of 3.12% so far this week, as of 0350 GMT.
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 stabilise 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.
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