The most-traded May iron-ore contract on China's Dalian Commodity Exchange (DCE) closed morning trade 3.52% higher at 823.5 yuan ($117.90) a metric ton, its highest level since July 23.
The benchmark February iron-ore SZZFG6 on the Singapore Exchange was 1.67% higher at $108.25 a ton as of 0322 GMT, after touching its highest since February 24 at $108.6 earlier.
China's central bank said on Tuesday that it would cut the reserve requirement ratio and interest rates in 2026 to keep liquidity ample and continue to implement appropriately loose monetary policy.
Hopes of rate cuts by Beijing in coming months boosted broad sentiment in the ferrous market, underpinning price rallies across the market, said analysts.
