Iron ore futures in China climbed above CNY 770 per ton, rebounding from four-month lows as optimism over stronger Chinese demand outweighed concerns about rising global supply. Traders expect a seasonal pickup in consumption and fewer-than-anticipated maintenance shutdowns at steel mills in top consumer China. Sentiment was also boosted by expectations of additional stimulus after the People’s Bank of China pledged to maintain an “appropriately loose” monetary stance, support liquidity, and strengthen policy transmission amid economic headwinds. Meanwhile, the massive Simandou iron ore project in Guinea began operations this week and is expected to produce up to 120 million tons of exports annually.
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