The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade 1.17% higher at 736.5 yuan ($102.13) a metric ton. Earlier in the day, the contract hit the highest point since April 7 at 738.5 yuan.
The benchmark June iron ore on the Singapore Exchange, however, was down 0.37% at $101.45 a ton, as of 0754 GMT.
Hot metal output - a gauge of iron ore demand - may hover at a high level, as exports of manufactured goods could sustain the strong momentum over the 90-day window period, analysts at investment bank CICC said in a research note.
The United States and China agreed on Monday to slash tariffs for 90 days as part of efforts to end a trade war that has disrupted the global economy and set financial markets on edge.
