Iron ore futures prices rebounded on Monday as a risk-off sentiment, stoked by Beijing's latest market oversight move, gradually eased amid improved economic data from the world's second-largest economy.
The most-traded January iron ore on China's Dalian Commodity Exchange
(DCE) traded 1.86% higher at 847 yuan ($115.68) a metric ton, as of 0232 GMT.
The benchmark October iron ore on the Singapore Exchange was 2.18% higher at $115.8 a metric ton, as of 0236 GMT.
China's consumer prices returned to positive territory in August while factory-gate price declines slowed, official data showed on Saturday, as deflation pressures eased amid signs of a stabilisation in the economy.
Underpinning iron ore prices was steady demand as reflected in lingering high daily hot metal output.
"The blast furnace operating rate among mills continued to move up while a turnaround (of reduction) in daily hot metal output is not seen yet," analysts at Huatai Futures said in a note.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
