The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade unchanged at 761.5 yuan ($110.19) a metric ton.
The benchmark March iron ore on the Singapore Exchange was 0.5% higher at $100.4 a ton, trading above the $100 psychological threshold as of 0708 GMT.
The total amount of iron ore arriving at 47 Chinese ports declined week-on-week from February 2-8, according to data released by consultancy Mysteel.
Low Dalian iron ore prices amid weak market fundamentals encouraged feedstock buying from steel mills.
Although the recent rise in port discharge rates and the decline in arrivals have provided some relief to supply-side pressure, port inventories remain at high levels, the Shanghai Metals Market said in a note.
There is no clear inflection point for destocking as of now, and high inventory levels will continue to suppress prices, the Shanghai Metals Market said.
With a lack of government stimulus to address the structural decline in demand, the iron ore market is likely to face headwinds over the next year, ANZ Research said in a note.
