Iron ore futures climbed above CNY 810 per tonne, nearing the highest levels since February last year, as optimism grew that fresh policy support from top consumer China would lift demand. The People’s Bank of China said it plans to lower the reserve requirement ratio and cut key policy rates this year to ensure ample liquidity and maintain an accommodative monetary stance, underpinning the broader demand outlook. At the same time, markets are increasingly pricing in at least two US Federal Reserve rate cuts this year. Chinese steelmakers have also stepped up restocking ahead of the Lunar New Year holiday in February, helping to offset pressure from ample global supply and signs of slowing steel output in China. In addition, solid steel margins, low raw material inventories, and a rebound in hot metal production could provide further support to the market.

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