The most-traded January iron ore on China’s Dalian Commodity Exchange rose 0.1% to 957.5 yuan ($134.43) per metric ton as of 0230 GMT. For the month so far, the benchmark contract has gained 6.86%, and is on track to record its fourth consecutive month of gains.
On the Singapore Exchange, the benchmark January iron ore was up 0.1% at $128.65 a metric ton.
The Price Monitoring Centre of China’s Development and Reform Commission have increased oversight to maintain a healthy iron ore market and control soaring prices, which analysts refer to as “frequent and forceful interventions.” Despite successfully managing prices in the previous five sessions, prices are now staging a rebound.
The optimism on iron ore could further grow if Beijing rolls out more structural reforms. China’s demand for steel in electric vehicles and green infrastructure has already kept average prices high despite the property slump.
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