Iron ore, the most traded commodity on China's Dalian Commodity Exchange (DCE) in May, closed at 963.50 yuan ($133.90) per metric ton, up 2.4%. It reached its highest level since February 2 at 967.50 yuan.
March's most active iron ore contract on the Singapore Exchange rose 2.4% to $128 per tonne by GMT.
China aims to increase financing for home projects in the coming days as part of support measures. But banks' reluctance to lend to the crisis-hit sector will remain a major hurdle for developers most in need of new financing.
Other steelmaking components such as coking coal DJMcv1 rose 2.4% to 1,746 yuan per tonne, while coke rose 2.5% to 2,378 yuan.
Steel indicators on the Shanghai Futures Exchange (SHFE) were mixed.
Rebar SRBcv1 increased 0.7% to 3,854 yuan per tonne, hot rolled coil increased 0.6% to 3,984 yuan, wire rod decreased 0.2% to 4,052 yuan, and stainless steel SHSScv1 increased 0.4% to 13,630 yuan. rose to yuan.
Dalian stock exchange and SHFE will be closed between February 9-16 due to public holiday in China.
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