The most active iron ore futures for September delivery on the Dalian Commodity Exchange rose 4.1 percent to 945 yuan ($148.49) a tonne as demand for steelmakers recovered from the pandemic cuts.
A foreign analyst said in a statement that the stagnant real estate market in China has reduced its steel and iron ore consumption.
Iron ore inventories at Chinese ports totaled 155.6 million tons in the week ended April 1, down 4 million tons from the previous week and down 3.3 percent from the mid-February peak.
Demand for iron ore appears to be increasing, with some analysts expecting it to stabilize China's economy and boost its real estate sector.
Comments
No comment yet.