Chinese iron ore futures rose on Monday, supported by supply concerns and shrinking portside inventories of the steelmaking ingredient, while the easing of some COVID-19 curbs in the world's top steel producer also lifted trader sentiment.
The most-traded September iron ore contract on China's Dalian Commodity Exchange ended daytime trade 3.9 per cent higher at 834.50 yuan ($122.80) a tonne, after posting its biggest weekly loss in nearly three months on Friday.
On the Singapore Exchange, the most-active June contract climbed 1.3 per cent to $128.60 a tonne by 0315 GMT.
"Falling Australian and Brazilian iron ore shipments and arrivals into China week-on-week should provide modest support for fragile sentiment," said Atilla Widnell, managing director at Navigate Commodities in Singapore.
Entering the Chinese New Year holiday, market trading is sluggish
Trade & Pricing: Europe's billet market trend 2024-2025
