Iron ore futures climbed above CNY 770 per ton, reaching a two-week high as improving profitability among steelmakers and expectations of restocking in top consumer China supported prices. Lower input costs, including coal and coke, are expected to lift steel margins, potentially prompting some mills to increase production. Chinese steelmakers are also likely to begin restocking ahead of the Lunar New Year holiday in February to sustain output levels during the period, when logistics activity typically slows. Mills generally secure cargoes in advance to cover production needs through the holiday. Meanwhile, iron ore prices had come under pressure last week, briefly falling to five-month lows after China’s Ministry of Commerce announced that certain steel products would be placed under an export licensing regime starting January 1.

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