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Prices of iron ore futures clawed up towards the psychological level of $100 a metric ton on Monday, underpinned by firm near-term demand and revived hopes of further economic stimulus from top consumer China.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange ended daytime trade 1.87% higher at 761 yuan a metric ton.The average daily hot metal output among steelmakers surveyed was up 0.8% week-on-week at 2.36 million tons, as of Nov 15, the highest since early August, data from consultancy Mysteel showed.
Hopes resurfaced that Beijing may announce more stimulus in the coming months after a string of disappointing data in the property sector, the largest steel consumer in the world’s second-largest economy, despite a raft of stimulus unveiled since late-September. “This should keep sentiment in the iron ore and steel industry relatively buoyant,” they added, reiterating short-term price target of $95 a ton.
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