The benchmark December iron ore on the Singapore Exchange was up 2.78% at $99.4 a ton, as of 0700 GMT, after touching the intraday high at $100.3 a ton earlier the session. It fell by more than 5% last week.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.87% higher at 761 yuan ($105.08) a metric ton. Analysts said near-term demand for the key steelmaking ingredient remained strong, supporting prices.
The average daily hot metal output among steelmakers surveyed was up 0.8% week-on-week at 2.36 million tons, as of Nov 15, the highest since early August, data from consultancy Mysteel showed.
Shanghai said on Monday that it would reduce some taxes on real estate transactions, effective from Dec 1, a move that will support the local property market, according to a state media report.
Shanghai Metals Market repeats witness on aluminium and alumina prices going opposite directions
Aluminium prices rise across the board on SMM, defying previous week’s declining trend
