Iron ore futures held above CNY 810 per ton on Friday, hovering near their highest level since February last year, supported by solid demand and pre-holiday restocking by steelmakers ahead of the Lunar New Year. Prices were also underpinned by expectations of additional stimulus from top consumer China, after a modest acceleration in consumer price inflation masked underlying deflationary pressures. Earlier this week, 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. Meanwhile, industry data showed iron ore inventories at major Chinese ports rose for a seventh consecutive week to a near-record 162.7 million tons as of January 8. Steel inventories also increased in the latest reporting period, highlighting improving supply availability.

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