Dalian and Singapore iron ore futures rose on Monday, bolstered by hopes of easing monetary policy in China to mitigate downside risks to the world's largest steelmaker and consumer, but concerns over steel production controls capped gains.
The overall sentiment remained supportive after Prime Minister Li Keqiang said China would cut banks' reserve requirement ratios in a timely manner, state media quoted Friday.
But in Tangshan, the country's largest steel-producing city, a warning of pollution that meant production cuts in industries including steel and coke, and concerns over property developers' debt obligations softened investor optimism.
Top-traded iron ore for May delivery on China's Dalian Commodity Exchange DCIOcv1 closed morning trading at 615 yuan ($96.57), up 1.5% per tonne after rising 4.2 percent at the start of the session.
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