The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) gained 1.08 percent to 798.5 yuan (USD112.54) a metric ton by 0328 GMT.
The benchmark December iron ore on the Singapore Exchange was 0.92percent higher at USD106 a ton. China has proposed to lower port fee for state-owned enterprises holding cargoes under 30 days, a move which analysts from ANZ said would discourage long-term stockpiling and accelerate inventory turnover, possibly tightening spot supply during periods of restocking.
Also providing support to iron ore futures was a weaker dollar, weighed down by increased prospects of a US interest rate cut in December. A weaker greenback makes dollar-denominated assets more affordable to holders of other currencies.
