The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 2.87% higher at 807.5 yuan ($114.16) a metric ton. The contract had jumped over 3% earlier in the session. The benchmark November iron ore on the Singapore Exchange was 2.11% higher at $108.45 a ton, as of 0350 GMT. Steel benchmarks on the Shanghai Futures Exchange gained ground.
Rebar strengthened nearly 1.8%, hot-rolled coil advanced about 2%, wire rod added 1.17% and stainless steel ticked 0.36% higher. China on Saturday pledged a new package of incremental fiscal policies, which lifted sentiment across various commodities markets, including steel, said Chinese consultancy Mysteel.
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