The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) was up 0.38% at 786.5 yuan ($108.40) a metric ton, as of 0233 GMT. The benchmark December iron ore on the Singapore Exchange was 0.48% higher at $103.05 a ton.
“Iron ore markets again marked time above $100 with the increase in Chinese steel production supporting prices,” Westpac analysts said in a note.
China’s steel output remains well above average rates for this time of year, with production over the last three weeks up 9.5% versus the average for the same period in the last three years, Westpac said, citing data from the China Iron and Steel Association. China is both the world’s top consumer and producer of the metal.
Still, the country’s industrial profits fell again in October. Demand remains soft in the crisis-hit economy, with consumer prices at a four-month low while industrial output continues to trend downward and October new home prices fell at their fastest pace in nine years.
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