Iron ore futures rose to around CNY 815 per ton, rebounding after moving sideways over recent weeks as renewed expectations of policy support and stronger-than-expected economic signals from China lifted market sentiment. The upward move was largely driven by China’s manufacturing sector expanding at its fastest pace in about a year, indicating a pickup in industrial demand.
Optimism was further supported after the People’s Bank of China signaled it would continue with accommodative monetary policies, fueling expectations of additional stimulus measures. However, gains were capped by elevated inventory levels at Chinese ports, which remain near historic highs. At the same time, other steelmaking inputs moved lower. Prices of coking coal and coke declined, pressured by easing concerns over global energy supply disruptions amid indications that tensions involving Iran could de-escalate.
